5 Worst First-Time Homebuyer : Be Aware

Hello friends, if you are a first-time homebuyer, please be aware, this is a littel tips for you, The first is : You Don`t Know What You Can Afford, After subprime mortgages crisis, we must aware, what the bank says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same condition. So if you don't already have a budget, make a list of all your monthly expenses (excluding rent), including vehicle costs, student loan payments, credit card payments, groceries, health insurance, retirement savings and so on.

Don't forget major expenses that only occur once a year, like any insurance premiums you pay annually or annual vacations. Subtract this total from your take-home pay and you'll know how much you can spend on your new home each month.  

2. You Skip The Mortgage Qualification Somehow what you think you can afford and what the bank is willing to lend you may not match up, its your view it self, especially if you have poor credit or unstable income, so make sure to get pre-approved for a loan before placing an offer on a home. and then please be aware that even if you have been pre-approved for a mortgage, your loan can fall through at the last minute if you do something to alter your credit score, like finance a car purchase.

3. Doesn`t Consider Additional ExpensesMany additional expenses if you are already being a homeowner, you'll have additional expenses on top of your monthly payment. So please make a good financial plan, Unlike when you were a renter, you'll be responsible for paying property taxes, insuring your home against disasters and making any repairs the house needs (which will occasionally include expensive items like a new roof or a new furnace).

4. You are Too PickyPlease be a flexible person, everyone knows that "nobodys perfect" So go ahead and put everything you can think of on your new home wish list, but don't be so inflexible that you end up continuing to rent for significantly longer than you really want to. First-time homebuyers often have to compromise on something because their funds are limited. You may have to live on a busy street, accept outdated decor, make some repairs to the home, or forgo that extra bedroom.

5. Weak in Future Vision
Knowing the future vision is importat, If the home otherwise meets your needs in terms of the big things that are difficult to change, such as location and size, don't let physical imperfections turn you away. Besides, doing home upgrades yourself, even when you have to hire a contractor, is often cheaper than paying the increased home value to a seller who has already done the work for you. I would say thanks to investopedia, they have a great article,