You have finally saved up enough money for a decent down payment, cleaned up your credit and gotten pre-approved to purchase a home in Pennsylvania. As excited as you may be feeling about the process, it is important for you to avoid rushing through it. Before you start house shopping or make an offer on a home, you need to be aware of some common issues that may come up.
For many people, the house buying process is a simple one. However, there are circumstances that can occur that can cause complications and delays that may prevent you from closing. Take some time to review the following problems you want to avoid during the house purchasing process.
Making an emotional purchase
Before you go house shopping, you should make a list of your needs and wants. You should also include your reasons for them. As exciting and thrilling as house shopping is, you do not want your emotions to get in the way. Try to keep yourself detached from each property you see. If there is one that you are excited about, think with your head and consider the facts. Getting too emotionally involved can lead to heartache and cause you to disqualify other properties that meet your needs.
Not using an agent
You may feel you have all the time in the world to find the home you want. But the reality is you only have a certain length of time to find a property before you must go through the preapproval and qualification processes again. This does not mean you should rush. It may be better for you to use a realtor. They have access to properties that are available but not yet on the market, states Trulia. They also have more time to devote to searching than you do.
Not knowing what you can comfortably afford
Many people shop for homes that are at the upper end of their approval amounts. They may not understand that the amount their lenders says they can afford is not necessarily what is reasonable for their situations. To avoid losing your home in the future because the mortgage and other related expenses stretch you beyond your financial means, you should make a list of all your monthly expenses and subtract them from the amount of income you bring home. You may find that the amount you can afford is much different from what your lender says.
Buying a house is one of the largest investments you will ever make. Research the process to ensure you understand what is required. Do not forget to approach the situation wisely to avoid making costly mistakes.
