Buying a home in Southern California is an exciting and fun experience especially if you’re purchasing a home for first time but sadly many first time home buyers don’t know what they should be on the lookout for during their home search.
In this post we will break down what you should be on the lookout for as a first time home buyer so you don’t make common home buying mistakes.
Not Understanding How Much Home You Can Really Afford
The first mistake you want to be on the lookout for is not understanding how much of a home you can really afford.
Before you start house hunting you should sit down to evaluate your finances, especially if you are married and have a spouse or significant other.
Review all of your bills like: vehicle costs, electricity, phone, internet, grocery and other expenses then write down what your monthly debt payments are like credit cards, auto loans and student loans because you want to make sure that you will still be able to continue affording your current standard of living since becoming a homeowner means you may have additional expenses like Private Mortgage Insurance and Homeowners Insurance.
Besides additional homeowner expenses like Homeowners Insurance you should also be ready to pay for additional homeowner expenses like: property taxes, maintenance costs and Homeowners Association fees (if applicable) depending on where you move in SoCal or the United States.
Making an Offer on a Home before Getting Pre-Qualified For a Mortgage Loan
One important thing to remember as a home buyer is that you should always get pre-qualified and then pre-approved for a mortgage loan before submitting an offer on a home because you will not know the exact mortgage loan you qualify for and submitting an offer on a home will be a waste of your time, the sellers time and the Realtor’s© time unless you know that you’re able to back up your offer.
To learn more about what you should be on the lookout for before buying a home in Southern California or elsewhere in the United States contact Fred Sed Realty today by calling us at (800) 921-9231 or connect with us online.