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Acquiring property can be tricky and stressful for seasoned investors, and even more overwhelming if it’s your first time. If you let your excitement take over and plunge in, you may end up with buyer’s remorse later. If you’re trying to buy a house for the first time, below are a few errors you should avoid to ensure that you’re putting your hard-earned money in the right investment.

How to Avoid Common Homebuying Pitfalls

1. Not Applying for a Mortgage Early

It’s thrilling to start house-hunting right away, especially when you buy a house for the first time. However, you should apply for mortgage pre-approval before anything else. By doing so, you’ll know about any issues that might hinder the loan and help you narrow the price range. You will also have the edge over other buyers who aren’t pre-approved.

2. Buying a House You Can’t Afford

buy a houseWhen setting a budget for a new house, don’t focus on the maximum loan amount you can receive. Instead, consider how much mortgage you can afford to pay monthly after factoring in all other bills and expenses. Stretching your budget too tight every month might not leave you with enough for savings and emergency funds, increasing your chances of losing the house during financial hardship.

3. Going Without an Agent

Many first-timers think that it’s easy to buy a house with today’s technology. However, it takes much more than finding a property online and negotiating with the seller. Getting help from a real estate agent can save you considerable time, effort, and money, especially if you aren’t familiar with the aspects of the home-buying process. An agent will give you the best resources to help you make an informed decision and a wise investment.

 

Whenever clients around Chillicothe, OH, need to buy a house, they turn to Coldwell Banker Realty Champions, Inc. Since 1995, these real estate agents have been helping clients throughout south-central Ohio buy and sell properties. The resources of a national company back this independently-owned and operated real estate agency. Call (740) 775-8500 or visit their website for more information about their services.

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