Introduction:I watch a lot of HGTV and other similar TV channels on people buying and selling homes. I'm also in the market to be buying a home. There are a few mistakes I see most people making, let's take a look at some of these mistakes.
A wish list is just that a wish. Unless you have a big budget you can't have everything you wish for. Asking for too much only equals one thing, going over budget.
Budgets are set for a reason. Budgets are what keep all the money you get balanced. Going over budget can cause a person to lose their home when they can't make all their bills.
Overall it is not too hard to get approved for a home loan. You just need money saved up, steady income, and a good credit score helps too. However if you get approved for more then what is comfortable for your budget can lead you into over spending. Double check the budget is comfortable with the total price of buying.
Often people will add insurance and tax payment to their loan payments. This is a good idea to make sure the insurance and taxes are handled but can also leave a buyer in over extending the budget. Make sure to leave room to make payment to taxes. Taxes can be looked up how much they were in the past and insurance cost can be checked out before purchases are made. Just remember taxes and insurance can change, so leave room in the budget.
Don't forget about the homes upkeep. Yes the property is at the top of your budget or over, but did you think about the general upkeep that will also affect your budget. It's no fun sitting under a leaky roof you can't afford to fix because you can barely make the budget payments.
Saving: Don't forget to leave room in the budget for saving. You need to save up for things that may go wrong. A much better plan than loans or credit cards.
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