Did staying at home over the last few months convince you that you need more space? With many kids attending classes online and more people working from home, it’s not unusual to come out of lockdown realizing you need a bigger house. And while buying a bigger home can be very exciting, there can definitely be some pitfalls in the process. Here are seven mistakes that you want to avoid when you’re upsizing your North County home.
Buying on impulse
It’s easy to get swept up in the excitement of buying a new home. But upsizing your space will come with a whole host of new responsibilities. It’s not something to take lightly and you should avoid putting in an impulsive offer on a home. Take time to determine your needs and wants, and make sure the homes you’re looking at fit the bill.
Not setting a budget
Another mistake you want to avoid when shopping for a bigger house is not setting a budget. It’s important to know how much house you can afford before you begin your search. Otherwise, your emotions could take over and you could end up with a home you can’t really afford. There’s nothing worse than not being able to make your mortgage payments each month. And you need to consider how much money you’ll need for a down payment, closing costs, and other fees. Be conservative with your budget, and only look for homes that you can comfortably afford.
Not checking your credit report
Your ability to qualify for a home loan at the best rates is tied to your credit score. Unfortunately, many consumers find out too late that their credit report contains errors. Those errors can be costly and add thousands of dollars to the cost of your home over the life of the loan. You should check your credit report for errors before you begin your home search. If you find any mistakes, then take the necessary steps to have them removed.
Not considering the future
While you may need more space in the immediate future, have you considered your long-term plans? Will you need this much space in three years, or five years, or ten? And while you may be able to afford the home today, will that be true down the line? Having bigger house payments will make it harder to save for retirement. It’s important to think about the future when you’re considering buying a bigger home now.
Hitting the stores before you close
We understand how tempting it is to hit the stores once you’ve put in an offer. After all, you don’t have nearly enough furniture to fill the new space. And while most deals get to the closing table without problems, some do fall through. You should wait until you close to start buying new items for your home. Otherwise, you could end up with new furniture you can’t use.
Spending too much on new items for the home
Having a bigger mortgage means more money is going out the door each month. You don’t want to increase your debt by buying everything you need right away. Instead, focus on the areas you will use the most in the beginning. The rest of the house can be filled and decorated over the coming months and years.
Not working with a professional
If you’re ready to upsize to a bigger North County home, then it’s important to work with a professional real estate agent. The experts at the Cristine Clark & Jamie Gilman Team have been helping home buyers in North County for years, and we’d love to help you find your new home. Contact us today at 760-758-1211 or [email protected].