Realty Mistakes You Don't Want to Make When Purchasing a New Home

By Alfred Ardis

You visit a realty office with a sense of anticipation in your heart because you are ready to buy a home. Purchasing a house is a major decision and a life-changing event. It can be full of joy and elation, but also anxiety, stress, frustration, and sometimes confusion. When you are overwhelmed with all of the small details, you can make mistakes. While most homebuyers make this large purchase with few problems, some people are not so fortunate. You need knowledge, patience, and some common sense to avoid making certain errors in judgment.

When it comes to realty, you want an agent who can steer you in the right direction and avoid unnecessary and sometimes costly mistakes. You may be a first time buyer or you may be in the market for your fifth house. Whichever scenario describes your situation, you want to get it right because the purchase of a new residence is very big and very important.

One mistake that you do not want to make is to not check to find out what your current credit score is. This is pertinent information that you want to be made aware of. You do not want any unwelcome or embarrassing surprises when you are sitting at the bank talking to a lender or sitting at the realty office with your real estate agent. Under the law, you are permitted to request a copy of your credit report once a year. This is a free service. Take a look over your credit report before you start looking for houses. You want to make sure that there are no errors on the report or no unpaid debts that could cause you a problem with obtaining a home loan.

Getting preapproved for a mortgage should be your next step after perusing your credit report. You want to be paired with a lender who will let you know what price range is acceptable for you.

You want to be confident about your realty choices, but you do not want to overestimate the amount of money that you can afford to spend on the purchase of a residence. The best guideline to follow is to spend no more than one-third of what you earn in a month on your housing costs. This includes not only the principal on the mortgage, but also the interest you will pay, the taxes, and insurance payments. Do not forget other financial obligations you will have such as fees for appraisal, escrow fees, and property taxes.

As a consumer, you have the right to buy a house on your own. However, a trained and qualified realtor can help to make the entire process a smoother one for you. Not only will it likely be more successful, but also you will have less stress to contend with. This can be a load off of your mind when you are searching the real estate markets.

Are you in the market for Westchester County, NY, realty services? For more information on a few guidelines to follow when buying a new home, visit: http://www.buyersedgerealty.com.