Filter ‘Em Out: 3 Home-Buying Pointers Everyone Hears, but Should Ignore

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If you’re eyeing to buy a house soon, chances are you’ve been hearing many pieces of advice since the time you decided to go for it. For sure, you have a friend or two telling you to do this and that to bump up your credit score. Your in-laws have also probably recommended that you move closer to them because their location is ideal, near parks and schools. Perhaps the ads showing up on your social media timeline is also doing just that.

There are many strategies you would hear from different sources when buying a house. It’s your job to sift through them, unless you want to end up in a home you regret buying or cry deciding which house to get. If ever you hear these home buying reminders, you’re better off ignoring them:

You can save more when you buy a fixer-upper.

It’s relatively cheaper to buy run-down properties than new ones, so yes, it’s true that you can save more when you go this route. But — and this is a big exception — this isn’t a guarantee that you won’t max out your budget or exceed it.

Renovations can also be costly. You might find yourself in a money pit when you discover later on that there are major structural issues in the property you bought — a foundation that’s unstable, a plumbing system that’s dysfunctional, or a layout that doesn’t work for your family’s lifestyle.

Moreover, you have to consider the time interval before you’re able to move into your renovated home. That means you’re paying for the mortgage monthly already, while also keeping up with rent. Don’t be fooled by the quick and easy projects in renovation reality shows. You could be blowing up more money than finding a nice, ready-to-move-in home.

You should always get the 30-year fixed mortgage.

This has been the norm for the longest time, and it makes financial sense. You pay lower amounts monthly, so it’s not that heavy of a burden. Those lower payments also provide some flexibility, allowing you to pay more when your income increases. This helps you pay off the mortgage faster. But, here’s the thing, if you don’t see yourself staying at the home you’re eyeing for the next decades and you plan to move again and sell it later, then you’re better off taking a shorter-term mortgage.

Of course, this means paying a larger amount monthly, but by the time that you move out later, the house you bought years before has already appreciated in value, which then gives you a good return on your investment. Before you settle on a mortgage rate, know loan options. Talk to professionals in Utah, for instance. Mortgage companies there tend to be more familiar with the financial process of home buying.

You must work with a neighborhood expert.

Brand new luxury house

Of course, it makes sense to have an agent who is vastly familiar at the location you’re targeting. You may have probably turned to friends and families who live around your target neighborhood. You may be inadvertently hurting your search for the ideal home when you’re fixated on just one area. You could be missing other good locations and properties that come at a much cheaper price.

Yes, you should have a specific neighborhood in mind when you hunt for homes, but don’t leave out the surrounding communities as well. When it comes to finding agents, instead of knowing the number of properties they’ve scoured in the neighborhood, consider the number of happy clients they worked with.

Again, it’s crucial to pick the pieces of advice you’ll follow when it comes to buying a home. Some are worth using for your advantage. Others only have to go in one ear and out the other.

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