Also this is a cover pic with a white box. And in the box it states "Home Buying Tips". next, the background is a stone home with a beige front door.

Things You Shouldn’t Do When Buying a Home

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The last thing in the world you would ever want is to spend a bunch of time searching for a home, finding that perfect place and then not being approved for your mortgage. There are also many common mistakes homebuyers make that could make the process much more painful than it has to be.

I’m writing this article because we know how stressful it can be to buy a house. In order to make your process easier, we are going to cover the 9 things you shouldn’t do when buying a home.

1) Home Buying Tips:  Don’t overestimate your budget. 

Also in this picture is a new home in the background at twilight.  And there is a lady in the corner holding cash in her hands, wishing it were her home.

Don’t go beyond your budget.

Ever heard the expression “House poor“? Many homebuyers overestimate what they can actually afford and end up with very little wiggle room financially. Before jumping into buying, make sure you have a realistic idea of the yearly costs involved with owning a home.

Remember, there is your mortgage, property taxes, utilities, insurance and repairs. All of this before you even think about making upgrades. Factor in all the costs and leave yourself some room.


2) Home Buying Tips:   Don’t let your emotions run wild.

And there is a home at twilight in the picture at the top.  Then on the bottom are five people showing different emotions.

Keep it in business mode.

Buying a home is one of the biggest decisions of your life. It’s normal to be excited and fall in love with a home. However, try to keep a level head. Falling in love with a home can cloud your judgement or end in disappointment. This can happen if unforeseen issues are exposed in the inspection or if someone puts in an offer before you.

If you don’t find a home…  don’t get discouraged. Home searching can be a lengthy process. It will be worth it when you find the winner.


3) Home Buying Tips:  Don’t talk to sellers about plans for the house.

And in the picture there is a woman and man that are upset about what they are being told.  The man is wearing a white sweater.

Don’t share your plans for the house with the sellers.

As much as you are excited to get in and put your personal touch on the home, it’s best to keep this to yourself. Sometimes home buyers meet and get to know the home owners. This is fine, but remember that the current owner will have an emotional attachment to the property.

It’s best not to make them feel like you’re going to come in and completely change the place. If you make conversation with the owners, just keep the conversation light.


4) Home Buying Tips:  Don’t make any large purchases.

And there is a blue luxury sports car in the driveway.  A gay couple is posing in front of their new car.  Additionally there is a red bow on the car.

Don’t make big purchases before your home closes.

Also be careful not to make any large purchases.  For instance, do not go out and buy a new car before your home closes.  Additionally, don’t start buying furniture or appliances before you actually own the home.  It might affect your debt-to-income ratio and your loan might not be funded on closing day.


5) Home Buying Tips: Don’t withdraw or deposit a lot of cash.

Going further with your financial history, cash withdraws and deposits also play a part in your mortgage approval rate. Large quantities of cash going in or out of your accounts signals a warning sign that you do not have stability. Avoid any sporadic withdraws or deposits of large sums of cash.


6) Home Buying Tips:  Don’t apply for more credit.

The amount you are approved for on your mortgage comes down to your capital. How much money do you have at your disposal? Applying for extra credit increases your debt. This extra debt decreases the amount you will be approved for on a mortgage.


7) Home Buying Tips:  Don’t co-sign a loan.

Furthermore, there is an Avalon Group Sold Sign in the front yard. Also the house is yellow with white trim.

Home Buying Tips. Aaron and Kristina celebrate closing day on their new home.

While a loan may not technically be yours – it will still equally count towards your overall debt. Co-signing a loan can have an impact on not only the amount of your mortgage, but approval rate in general. Avoid co-signing any loans until you have purchased your home.


8) Home Buying Tips:  Don’t switch or leave your job.

Financial stability is one of the most important factors considered when a bank is approving your mortgage. The key to financial stability is having a dependable income. If you switch or leave your job, often or before applying for a mortgage, this may signal red flags.

If you are thinking about a move, hang tight with your job until after your mortgage is approved.


In Conclusion

There are many important things to consider when purchasing a home. It is one of the biggest decisions of your life.

In order to ensure that you get the house you want, when you want it, you need to understand and follow those above tips. Doing so will increase your chances of finding that perfect home and getting it. Remember that financials are very important when it comes time to apply for a mortgage. Make that your priority.

Also keep in mind the emotional aspects of purchasing a home and try to stay cool. It can be a draining process, but it will be worth it when you get the keys to the castle!

Are you looking for a home in the area? Give me a call at 727-262-7920. I’d love to help you find a home (and make sure you make none of the above mistakes in the process!)

Aaron Hunt

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