Buyer’s remorse is a real thing. It’s not so bad when the item you regret was a $50 pair of shoes. But what happens if you have buyer’s remorse after purchasing a home? It can be a significant, complicated financial hit. With a trustworthy real estate agent by your side, you’ll have someone to guide you assistant you throughout the process. However, you need to be aware of common mistakes that first homebuyers often make. Here are four to keep on your radar.
- Letting your emotions take the wheel
You’re about to buy an extremely expensive item…a home! Try to relax, and don’t let your emotions control you. If you lose what you believe is the house of your dreams, there will always be another one. Try to stay level-headed and logical.
- Not saving enough money
If you saved up enough cash for a down payment, congratulations! That’s a huge accomplishment, and you should feel proud. However, there are additional costs you must take into consideration. You need to have at least two or three months worth of mortgage payments in reserve, as well as closing costs and property taxes. In addition to all of this, it’s wise to have an emergency fund that could cover three to six months of expenses in case of an unexpected job loss.
- Not getting pre-approved for a loan
You’ve calculated the numbers several times, and you know what you can afford. However, if you want your offer to be seriously considered, you ned to have proof of income in the form of a letter of pre-approval. This process only takes a few days, and it simply means that the lender is comfortable loaning you money.
- Not getting a home inspection
Even new construction homes need inspections. However, some homebuyers skip this step because they allow their emotions to rule, and they believe they’ll buy the home no matter what. The reality of the situation is, if the home has issues, you’ll want the seller to fix them or lower the price.