Seven mistakes that people make when buying a home in the US

Depositphotos photo

Buying a house for the first time, many often make the same mistakes, which complicates the process of finding their dream home.

We offer you a list of 7 such errors collected by the publication. Cheat Sheet. Avoid them, and buying a home will be much easier and more enjoyable.

1. Do not have prior approval of a housing loan

Finding a home to buy without exactly calculating how much you can really spend on it often leads to frustration. Therefore, you should first contact the bank or credit community and pre-arrange a loan with them so that you understand how much you can count on. Otherwise, you can look after a house that you cannot afford, and such serious purchases must be made based on a clear financial calculation, and not on emotions.

2. Confuse pre-negotiated loan with data verification for loan disbursement

These banking procedures look very sophisticated to an inexperienced client, and many confuse them, which leads to additional problems when buying a home.

Data verification (pre-qualification) consists of providing the lender with basic information about your financial situation, based on which he can pre-offer you several loan options that are available in your case. Pre-approval includes a more thorough check of your financial data, as a result of which the lender can tell you the final amount of the loan you can receive and its conditions.

Based on preliminary check data when buying a house, you may encounter an unpleasant moment when the loan you actually received will be less than what you expected after your first conversation with the lender.

3. Distracted by furniture and decoration

Sellers always take care of the presentable appearance of the house sold and, at a minimum, keep it clean. But many go further, adding beautiful furniture, lovely curtains and other decorations to the interior, creating a feeling of comfort in the house. Sometimes this is done even in order to deceive, for example, a cute carpet can serve to cover the damaged part of the floor.

Therefore, when evaluating a house, always remember that first of all you need to pay attention to the quality and characteristics of the building itself, and not to the nice furniture and decorations that are in it.

Depositphotos photo

4. Do not calculate your real financial capabilities

The amount your lender is willing to lend you and the amount you can actually afford to spend on a home are not always the same thing. Based on your income and credit history, the bank may give you a huge loan, but lenders don't think about your need to save for your children's college or contribute to a retirement fund, so you might want to think twice about borrowing the maximum amount the bank offers.

In addition, in the acquired house you may need some repairs or you want to redo something, and utility bills may turn out to be more than you expected.

5. Focus only on one area.

The location of the house is very important, but if you are looking for housing in only one or two areas, this can significantly narrow your choice, especially if you have a small budget.

Therefore, it is better to make a list of the main criteria of the area in which you would like to live, and look for a house in all areas that fit these criteria, even if you have not been there before.

6. Pay too much attention to cosmetic details.

An ugly wall color in your home, old furniture, or an unkempt yard are not things you should consider when buying a home. You can change all this, the main thing is the quality of the building, because behind the freshly painted walls of a beautiful color the flaws of the building can be hidden.

7. Confidence in the ease of solving most problems in the house

A leak in a home or a poor layout are “red flags” for a problematic building that may not be as easy to fix as they seem. At a minimum, such changes and repairs can cost you a pretty penny - remember this when inspecting the house.

Read also on ForumDaily:

Where to rent cheap housing in the US. List of residential complexes across the country

What kind of housing can you buy for $ 300 thousand in different states?

How to buy a home in the US

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