January 27, 2010 at
4:17 pm
Hello Homebuyers!
I know the extended $8,000, or expanded $6,500 tax credit is luring you into the housing market. Especially considering you are reading this blog post – you’re doing your research! Therefore, it’s my job to warn you, before you jump in head-first, of common mistakes home buyers face.
Below are the most common mistakes people make when deciding to purchase a home. Don’t make these mistakes. I repeat, do not make the following mistakes:
Don’t rush. I know my countdown to the tax credit expiration may seem a little pushy, and potential homebuyers might feel a bit rushed, but time must be taken to decide on a home. Research, research, research. To make sure the home buying process runs smoothly, I advise contacting a Realtor and mortgage lender. I also suggest you get your credit score, and create a realistic monthly budget.
Don’t move too slooowww. If you are working with a trusted Realtor and banker, know the market and area, and did your research beforehand, you are on track! If you come across a home that fits all your qualifications, don’t hesitate to act on it.
Don’t fail to budget for unexpected costs. The increase in foreclosures makes this even more of an issue. Have your budget prepared for the possibility of everything from a leaky roof, broken washing machine to dirty gutters. I suggest you buy a house that is a bit less that you can afford, leaving room in your budget for unexpected costs.
Don’t fall in love with the idea of the perfect house. When it comes down to it, decide exactly what qualities in a house you can’t live without. Next, decide on the things in a house that would be nice to have, but are not extremely vital. Be careful of what your idea of the perfect house is, and be willing to compromise… But only compromise enough to buy a home that meets your most important needs at a reasonable price, even if it isn’t exactly what you had in mind.
That’s all for now, folks!
Happy Homebuying!
Joe
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Categories: $6500, $8000, Claiming tax credit, Expanded homebuyer tax credit, Extended and expanded tax credits, First-time homebuyer, Homebuyers, Mortgage rates, Starting out, Wisconsin Realtors, Wisconsin current homebuyer, Wisconsin first-time home buyer, Wisconsin homebuyer, Wisconsin real estate, Wisconsin tax credits, current homebuyer
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