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First Time Home Buying Mistakes to Avoid in Worcester –

On Behalf of | Jan 7, 2016 | Firm News |

Mistakes to Avoid When Buying a Home in Worcester

If you’re navigating the real estate market as you search for your first home, you are probably figuring out just how stressful things can get. Buying a home is basically a large investment that requires a lot of consideration and planning. To help you reduce some of the stress that comes with buying your first home, Home Key Title in Worcester has some tips to get you on the right track.

Not Getting Pre-Appraoved for a Home Loan

Most people think that getting pre-qualified for a home loan and getting pre-approved home loan are the same thing. The truth is they’re quite different. Getting pre-approved for a home loan means your financials are looked at and taken into consideration before you get pre-approved. Once you have gone through the process, you will have a better understanding of just how much mortgage you can afford. Not only will you be better equipped to create a budget, going through this step will also prove you are serious about purchasing a home.

Forgetting About Added Costs

Once you have been pre-approved for a home loan and are aware of how much mortgage you can afford, you can start to build your budget. As you do this, there are added costs you need to take into account. Many people forget that a home doesn’t just require mortgage payments, there are also insurance payments and tax payment to take into account. If you want to keep you home in shape, you will also have to spend on maintenance. Don’t forget to factor in monthly bills, such as water, gas, electricity and even phone bills and internet payments. It’s also a good idea to consider moving fees and money spent on new furniture in your budget.

Ignoring Your Budget

Once you have established your budget, do your absolute best to stay within it. Remember that your budget is your guide to knowing what you can afford and what is outside of your price range. To prevent going over budget, avoid going to showings that are beyond your established budget. If you’re looking for a new home or trying to sell you home, ensure your property is protected with title insuranceHome Key Title in Worcester can help you buy title insurance in Worcester that fits your needs. Contact us at (508) 475- 5502 for more information!

Skipping the Home Inspection

Before deciding to close on a home, a home inspection is key. While many home buyers try to save money by skipping the inspection, this can ultimately lead to you losing more money. A third party inspector should analyze all the rooms in the home and the exterior, checking for any issues. This inspection will let you know what areas of the home need maintenance and upgrades. Some issues may be small and easy to fix, but you may also come across larger issues, like foundation problems. Know exactly what condition the house is in before you decide to move in.

Buying with Your Heart and Not Your Head

Viewing different homes can be fun and you may even start to picture your family living in different homes. It is important that you think with your head and not your heart as you view homes. While some amenities may seem fun, consider how much you will actually use them and if they’re worth the price. Before viewing a home, make a list of the items you want in your home that you are not willing to give up. Use this list to guide you as you decide on a home. Stay within your budget and avoid getting too emotional.

Opting Out of Title Insurance

Because most home buyers aren’t unaware of the benefits of title insurance they tend to skip out on it before buying a home. The reality is that title insurance is very important and may even be necessary as your purchase your home. Purchasing title insurance at closing requires a one time payment that covered your investment for as long as the property is yours. A title search will ensure there are no outstanding insurance payments, tax liens or unpaid fees that may be transferred over to you along with the home’s title. If there is any fraud or issues involved in the title transfer, your title insurance will cover you and your financial investments should you need to go to court as a result.

Title Insurance in Worcester

Whether you’re buying or selling a home this winter, Home Key Title in Worcester can help you understand the importance of title insurance in WorcesterTo buy title insurance in Worcestercontact us at (508) 475- 5502 and make sure your investment is properly protected!