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3 Home Buying Mistakes to Stay Away From - Fort Collins Real Estate
 

3 Home Buying Mistakes to Stay Away From - Fort Collins Real Estate

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The problem with a real estate transaction is once you’ve made a mistake, it can forever take a toll on your financial health. This is why, when buying a home, it is crucial to study the rudiments ...

The problem with a real estate transaction is once you’ve made a mistake, it can forever take a toll on your financial health. This is why, when buying a home, it is crucial to study the rudiments of the process from the major details down to the smallest ones to ensure that you get it right.

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    3 Home Buying Mistakes to Stay Away From - Fort Collins Real Estate 3 Home Buying Mistakes to Stay Away From - Fort Collins Real Estate Document Transcript

    • 3 HomeBuyingMistakesto Stay Away From
    • 3 Home Buying Mistakes to Stay Away From The problem with a real estate transaction isonce you’ve made a mistake, it can forever take atoll on your financial health. This is why, whenbuying a home, it is crucial to study the rudi-ments of the process from the major details downto the smallest ones to ensure that you get itright. If you are going to buy a home, make sureto stay away from these common pitfalls thatmany homebuyers have fallen into.
    • Mistake # 1 – Failure to assess financial status One of the first things that you need to dobefore you make a home purchase is to organizeyour finances. Weigh your income and assetsagainst your liabilities and expenditure for you toget a clear picture of how much of a monthlypayment you can afford to make. Many home-buyers do assess their financial status, but someare not able to go about it correctly. They fail toconsider things like future unexpected expenses,
    • job instability, and so on. When calculating theamount for mortgage payments, make sure thatyou have backup plans in case you lose your jobor there is an emergency that you would need tospend a large amount of money on.
    • Mistake # 2 – Buying the wrong house Buying a house isn’t like shopping for clothesor shoes. It’s not like you can give back thehouse if you change your mind or find out thatit’s not really what you like. If you’re going tochoose a house, think many times before makingthe final decision. Don’t consider only theappearance of the house or buy it because it’sbeautiful. Consider all the aspects involvedincluding location, price, size, and so on. Loca-tion should not only be quiet and peaceful, but
    • should also provide vast employment opportuni-ties, access to prestigious educational institu-tions, and high quality of life. In the UnitedStates, Colorado is one of the best options forraising a family. Get to know more about FortCollins real estate and Colorado real estate andfind out why these places are top options formany buyers. As for the size, of course, it shouldbe big enough for the whole family’s comfort.Price should also fit your budget. Apart from allthese, you need to have a good feeling about thehouse.
    • Mistake # 3 – Thinking that long-term loan is better Many homebuyers make the mistake of think-ing that the longer the duration of the loan is, themore money they can save. The opposite is true.What makes people think that way is the lowmonthly payment that comes with longer-termloans. But the truth is, interest rates make thelonger-term loan more expensive. If you canafford to make bigger payments every monthwithout sacrificing the quality of your life, thengo for that. It would save you more money in the
    • long-run. It will also mean that the loan will bepaid off sooner.
    • Discover the Secrets to Owning a Home Everyone dreams of owning a home. Unfor-tunately, not everyone gets the chance to do that.The thing is, owning a home isn’t something thathappens automatically. Unless, you are born to awealthy family, having your own home wouldhave to mean years of blood and sweat. If you’reone of those people who would need to workhard for a living, here are some secrets on how tomake this dream a reality.
    • Save for the monthly payment First, estimate the amount that you’ll need topay for the home’s cost (including the mortgagepayment, property taxes, insurance and mainte-nance). Every month, save up this amount andput it in a money-market account. This is ideal ifyou are planning to buy a house within a fewyears. If you don’t plan to buy a home for alonger time, you can put the money in equityfunds. This will enable you to know if you canafford the house while at the same time, building
    • a down payment. Speaking of down payment, itwould be a great idea to come up with at least 20percent. This will lower down the monthlypayment as well as the overall cost of the house.
    • Go for rent-to-own system Some housing programs allow you toundergo a rent-to-own system. This is like payingmonthly rental for a home that you’re going touse and in a few years’ time, the property willbecome yours. Sounds too good to be true? Itis true. It actually has some drawbacks, includingadditional costs and more expensive overallhouse price. But, the fact that you’re notstressing yourself over home mortgage makes theidea good enough to consider. Also, it would feel
    • like renting without feeling like you’re throwingyour money away because, unlike renting, thisone would be yours in the future. Just make surethat you study the rudiments of the processbefore going about it.
    • Look for an affordable house Sometimes, the reason why people cannotbuy a home is that they don’t look hard enoughto find a home that they can actually afford.Some people, on the other hand, just wouldn’tsettle for less. For them, if it’s not going to be amansion, they’d rather not buy the property. Butif you lower your expectations and scour themarket, you can actually find a house that ispriced within your means. Online, you can findvarious home finder tools that will let you
    • browse through the current available houses forsale in the market today. You’ll be surprised tofind that, by just tightening your belt a little, youcan indeed make a move to purchase one ofthese. Colorado real estate such as Fort Collinsreal estate are some of the locations you canstart with. As you know, Colorado is a top statein the country, being progressive and educated.It’s one of the best places to raise a family thatwouldn’t cause you to bust your entire life’ssavings.
    • Want to own a home in Colorado? For more information about Fort Collins real estate and Colorado real estate, estate, please check outwww.automatedhomefinder.com