Whether you’re buying your first home, or you’ve bought and sold multiple properties, there are certain mistakes that you should avoid making and questions that you should ask. Being informed about the properties that you’re considering and the most responsible way to go about making a purchase can help ensure that you don’t come up on the losing end of your real estate deal. So here’s a look at a few questions that you should ask before you even consider signing on the dotted line.
What’s My Budget?
Before you even start looking for homes on a real estate app or calling local real estate agents to ask about listings, you need to find out how much home you can afford. While a mortgage professional can give you a pre-approval letter that tells how much they are willing to lend you, that doesn’t necessarily that you should buy a home that costs that much. For instance, let’s say you a mortgage lender approves you for $150,000. While you can certainly buy a $150,000 home, you need to figure out the other parts of your budget. Homeowner’s insurance, maintenance costs and HOA fees all need to be taken into consideration when you’re figuring out your budget. Of course, that doesn’t include existing debt such as car payments, student loans, credit cards and all of your monthly utilities. Be ready to stick to your budget once you’ve established it.