Part 2 – Buying the Most Expensive Home You Qualify For in the Great Austin Area
In Part 1 of this series on the common mistakes of first-time homebuyers, we discussed the pitfall of Taking Advice From Friend and Family on your real estate transaction. In Part 2, we will look at the danger of buying the most expensive home you qualify for in the Greater Austin area.
Becoming a homeowner in the Greater Austin area is very exciting for a first time buyer, but it can also be a costly experience. If you are not prepared for the additional costs of home ownership, it can become a huge financial burden and rob you of some of the joy and excitement of purchasing your first home. but it can become a financial burden, if you’re not prepared for the additional costs of home-ownership While, as we learned in Part 1 of Common Mistakes of First-Time Homebuyers, getting advice from friends and family on your real estate transaction can be dangerous, this is an area where their first-hand experience on buying a home and handling the costs of maintaining it can be very helpful to you.
When buying your first home in the Greater Austin area, make sure you consider all of the expenses that you will incur. Some people will make the mistake of buying the most expensive home their lender says that they will qualify for and do not properly account for the additional costs they will have as part of owning a home. Be realistic about how you will have left over after your mortgage payment for the rest of your expenses. Your first home might be the home of your dreams, but if your mortgage payments are too much to have money left to enjoy the rest of life, you will feel prisoner in your own home. Consider buying a less expensive home that will allow you to live comfortably and even build equity more quickly that you can then use towards the purchase of a home when you decide to move up.
I hope that this information has been helpful as you consider buying a home. If you would like more information about buying or selling real estate in the Greater Austin area, please Contact Me today and I will be happy to help you however I can! Be sure to check back here for Part 3, Making Low Offers on Homes in the Greater Austin Area.