Buying a Home in Boca Raton | 5 First Time Mistakes To Avoid
Buying a home is one of the most exciting yet stressful things endeavors anyone can embark on. It often follows a major life event, like a marriage, childbirth, or career promotion. The single family home is a staple of the American Dream and something many of us strive to experience in our lives. With so many moving to Boca Raton, we're doing our best to provide quick tips and tricks to avoid some of the common mistakes made by first-time home buyers. Here are 5 we think you should know.
Searching for Homes Before Applying for Your Mortgage
The fun is in buying the home. A mortgage doesn't have a 2-car garage, picket fence, or a backyard pool. Mortgages, though necessary, can be very intimidating for first-time home buyers. The idea of multiple decades of ongoing debt can weigh on the conscience of many, especially those emerging from student loans. Having an underwritten preapproval not only prepares you for when that dream home hits the market but it also shows you're serious and financially capable.
Talking to One Lender
The beauty of the marketplace is your ability to empower yourself through choice. Choice, after all, is the manifestation of abundance. The more choices you have in a given situation, the more likely it is you are better prepared and can tailor the moment to suit you. Mortgages are serious commitments, and even the smallest perceived difference could have a massive impact.
making changes to credit
Your credit is most of what a lender has to build their case for or against your desired loan. During the preapproval process for a mortgage, your credit will be under high scrutiny, more so than most times in your life. Doing anything to cause a significant fluctuation, like taking out a new card or adding a significant purchase to your debt record, will not bode well during the lending process.
Choosing the house over the neighborhood
That whole "when a house becomes a home" saying might be tacky, but it has a substantive purpose here. A house on its own is just a structure, but a "home" is the warm and fuzzy feeling that's created when a community coalesces around a family. While cliches are on topic, we can't forget the adage: "location, location, location." The house is just a property without a worthwhile community surrounding it.
the hidden costs of homeownership
First time home buyers are often so wrapped up in the mortgage and home evaluation process that they forget the ancillary costs that often surpass the costs of the mortgage itself. In South Florida, for example, cooling costs can encompass up to 50% of your monthly electric bill. Pool ownership, environmental wear and tear due to humidity, and insurance costs can massively fluctuate the monthly budget required for home upkeep and protection.