As your Orange County real estate team, we are here to help you with all of your home-buying goals in the Orange County real estate market. Shopping for a home is one of the most exciting things you’ll ever do, but it can also be overwhelming and exhausting! That is why we are here to help guide you through each step of the home-buying process.
As we do, we also want to make you aware of some common mistakes that first-time buyers often make. Avoid these and you could save money and close on an Orange County home quicker!
1. Know what you can afford. The mortgage mess from a few years ago was caused from lenders offering more than what homeowners could actually afford. Don’t buy the biggest, most expensive home you can, just because a lender offers that much to you. Determine your own budget by using a mortgage calculator and by making a list of all of your monthly expenses.
2. Don’t skip mortgage qualification. To help you determine what you can afford, pre-qualifying for a mortgage loan should be one of your first steps toward homeownership! Why waste your time making offers on homes that you might not be able to afford? Getting pre-qualified helps you understand your price range, so you can stick to it and not fall in love with homes outside of your means.
3. Consider additional expenses. There is more to homeownership than the monthly mortgage payment. Unlike with renting, you will be responsible for paying property taxes, homeowners insurance, repairs, possible maintenance and homeowner’s association fees, possible mortgage insurance, and so on. Calculate these expenses into what you can afford.
4. Be ready to compromise. It’s a good idea to make a list of your wants and needs, but it’s also important to realize that you may need to compromise on these lists. Be flexible. Determine what you definitely need, such as a certain number of bedrooms, or a certain location, and then see what’s available with that criteria. As Orange County real estate agents, we can help you find homes that meet your needs!
5. Remain open-minded. Don’t let old wallpaper turn you away if an Orange County home meets all of your other criteria and your price point. You could always switch it out for new wallpaper or paint down the road! Physical imperfections shouldn’t turn you away unless they are dangerous or will cost a pretty penny to upgrade. Don’t forget, updates you make down the road could increase the home value!
For more mistakes to avoid as an Orange County homebuyer, check out this Investopedia article. When ready to buy an Orange County home, or when ready to have home-buying questions answered, contact us! We’re your Orange County real estate agents, here and ready to help you find the Orange County home of your dreams and means!
