Most Common Home Buying Mistakes to Avoid

Are you house hunting or about to start? Learn how you can buy the right house for you and your budget. 

Mistakes Home Buyers Make

Buying a house is usually one of the biggest purchases you can make and the financial paperwork of getting a mortgage gets complicated quickly. 

Besides having a down payment ready, you have other costs like 

• Home inspection
• Lender fees
• Appraisal
• Title search and insurance fees
• And so forth

If you’re buying a $300,000 home, you’re looking at paying anywhere from $6,000 to $15,000 in closing costs. If you’re living in an HCOL area, those numbers leap up. 

It's really important to make sure you're ready for this leap before you signed the papers.

You rush into it and you’re stuck with a mortgage you can’t comfortably afford, making your home a burden, not a blessing. 

If you live in a hot real estate market it’s even more of a challenge. You’re dealing with multiple bids, some of them being much higher than the listing price. Here in Raleigh, it’s not uncommon to be competing with all-cash offers. 

In the middle of 2020, my mom moved to be closer to us in Raleigh and we helped her with the home buying process. It was stressful because there were so many more buyers than houses. It took some patience, reflecting on what features she needed and truly wanted, and honing in on the budget, but thankfully she bought a great place for herself.  

Whether you’re a first-time buyer or not, my advice is to detach yourself emotionally from the process. That’s easier said than done. 

That’s why I want to share from the archives an interview I did with Jonathan White. He’s the author of A Tale of Two Houses: Our journey of buying a home the right way after buying one the wrong way. 

As you can guess from the title, Jonathan understands some of those house-buying traps many of us fall into. He made

In this episode we get into:

• Some of those home-buying myths that can get you into trouble
• Unexpected expenses that come up as a homeowner
• Why you need to run your own numbers

Are you ready? Let’s get started! 

Resources on Getting a Great Deal on Your Mortgage

If you’re looking to buy, here are some resources to help you find a great deal with your mortgage

• Best Budget and Money Apps: Personal Capital, Tiller, Mint
• Grow Your Stash Faster: High Yield Savings with CiT Bank
• Jumpstart Your Marriage and Your Money
• What You Need to Know About Mortgages
• Understand Mortgage Loan Options
• Free 5 Days to $5K Course
• 9 Questions to Ask Before Buying a House
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