Buying Santa Cruz real estate for the first time is a very exciting step in life. It is likely to be one of the biggest financial commitments that you make, so it’s very important to navigate the purchasing process wisely.
Many first-time homebuyers make rookie mistakes that bring on negative consequences and a lot of frustration. Outlined below are common errors homebuyers make, so you can learn from their missteps and avoid them yourself.
Buying more than what you can afford
Just because the bank says that it will give you a certain amount for a mortgage doesn’t mean that you have to choose a house at the very top of this price range. Many people get carried away and close on an expensive house. Then they find it difficult to keep up with their monthly mortgage payments later on.
Remember that you will also have student loan payments, vehicle costs, credit card bills, health insurance, groceries, retirement savings and other expenses, so make sure that your mortgage payments will comfortably fit within your budget.
Failing to get an inspection
Before buying a house, you should always have a professional inspection done. Not doing so is a big mistake. You don’t want to get stuck with hidden damage that could saddle you with the expense of ongoing repairs. Hiring a professional to assess the home’s condition is absolutely essential before making your final decision.
Disregarding your future
When you are buying Santa Cruz real estate, don’t just think about how the home will work for you in the immediate future. Also consider what your needs will be five, ten or even 20 years from now. Find out the development plans for the neighborhood, look for reputable schools if you intend to start a family, and consider whether the street’s home values are likely to increase or decline in the future.
Don’t let the home-buying process overwhelm you! Learn from these common first-time homebuyers’ mistakes, so you can avoid them. Feel free to call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information about buying your first piece of Santa Cruz real estate.
For additional real estate information, please visit my home page at www.MySantaCruzRealEstate.com.