A Major Mistake for First-Time Homebuyers
This is big! There’s a lot that people don’t think about.
One thing we see a lot is- usually renting you can rent and find an apartment closer to work if you look where apartments are located. Where most of the houses people look at are further away. So now, all of a sudden you’re going to be spending more money on gas, or you’re going to be spending more money in tolls.
You may not own a lawn mower. So, you’re going to have to buy a lawn mower, or you’re going to have to hire somebody to take care of the grass for you.
A lot of little things to look for.
A Big Mistake When Buying a Home
The other big mistake we see when budgeting is people will try to stretch the house payment, and say, “well we’re not going to eat out anymore.” They’re going to try to take money out of some other part of their budget in order to justify a higher house payment and it’s a big mistake.
Because, usually what happen is after a month or two of being in the house you fall back into your old habits. Now you’re resentful about the fact you can’t eat out anymore, or you can’t have any fun. I’m not a big fan of that.
I think owning a home is great, but I don’t want you to stretch too much. (Learn how much you can afford, comfortably)
You can find a great house for close to the same money you pay in rent. There’s no need to stretch and try to buy the Taj Mahal the first time out of the gate.
Learn about the “Other” Expenses First-time Homebuyers Should Consider.