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Shopping Above Your Budget
Shopping for a house can be fun, but when you start veering away from your budget, your expectations are likely to go up. This may cause you to settle on a house you simply can’t afford in the long run. If you find yourself fixated on that “dream home,” realize that you’ll likely have to quickly put in an offer higher than the asking price, since there are often multiple offers. When you don’t have the funds to outbid other offers, you’ll lose out. Plan to look for homes listed a few thousand below your budget to avoid disappointment. The home-buying process is complicated and even the most prepared have regrets. Here are some of the things people regret overlooking.
Inadequate Funds for the Down Payment
There’s a lot that goes into buying a home, including that all-important down payment. Remember to take into consideration that you shouldn’t be fixated on the exact down payment number, as there can be various unexpected fees that come up during the home-buying process. This is why it’s important to have a comfortable cushion around the down payment number. If you don’t have enough liquid capital, you could lose the house. House hunting is an anxiety-filled process, but it goes a lot smoother when you’re prepared. See what to avoid with this house-hunting checklist.
If it’s discovered that the seller can’t legally transfer the property to you, the buyer, without settling certain lien issues, the chances of the home sale falling through are big. Typical liens include unpaid property taxes and other debts. There may be another party on the deed, like an ex-spouse, who isn’t willing to sign off on the title. Learn these essential terms, tricks and tips for buying a house. They’ll help make the home-buying process a little easier.