Common Home Buying Mistakes

Most people get very excited when it comes to buying a new home. There are many common mistakes that people of all age ranges make.  Making sure you pick the right type of mortgage is extremely important- it could end up costing you a lot of money years down the line even if its less for the first few years of ownership.  Make sure you talk to someone that has a lot of experience with mortgages and can help guide you every step of the way, but do your research!  If you choose the wrong type of mortgage based on something (like and ARM) that may cost you less now, but can also end up doubling or tripling your mortgage years down the line. 

Choosing the right size home is something to be considered, especially for newly married couples who plan to start a family. Some new couples, or even single men or women, invest in what they want at that moment.  For example, they may want the small but amazing condo that overlooks the city, yet has very little space for more than 1 or 2 people.  But it can also cause them to have to sell at the wrong time if, lets say, the  newly married couple decides to start a family.  You could be forced to move unexpectedly at the wrong time of the year- depending on each situation.  So choose something you plan to stay in for as long as you think you will need to.

Making sure you have the right budget for the home you are choosing, and not over your budget, is also extremely important.  People that have had more time to save, have a tendency to overspend.  They think they can afford a certain type of home, and realize it is over their budget.  Read the article by RIS Media here.