There are some things in life that don’t require much thought or preparation to purchase: toilet paper, batteries, or a new light bulb. You buy these things out of necessity, plus they are cheap and readily available.
While there are some purchases that aren’t expensive and require little thought or preparation, there are also large purchases, like a new home, that require research. Here are some common mistakes to avoid throughout your next home purchase.
Forgetting about all the costs- This rings especially true for first-time home buyers. When purchasing, there’s your down payment, principal with interest, property taxes, homeowners insurance, utilities, appraisal fee, credit report fees, escrow fee up front and then any maintenance costs once the home is yours. Plan wisely.
Making a down payment that is less than 20 percent- Do this, and you’re looking at the additional cost of private mortgage insurance.
Skipping an inspection- Even though it seems like just another thing to pay for, you’ll be thankful if the inspector points out some serious issues you couldn’t see, saving you from a investing in a money pit.
Buying if you aren’t staying put- renting is great for those that move around a lot; purchasing a home is not. If you’re buying a home, make sure you’re ready to establish some roots.
Buying a home is one of the most important investments you will make. This means that the consequences associated with not being financially prepared are also a big deal. The professionals at Milledgeville State Bank can help you understand all the prep work you need to get done. We can also help you find the mortgage option that is right for you and your family. Give them a call today to get started or visit to get more home buying and selling tips.