What Not to Buy While Looking for a Home?

Buying a home is exciting and leaves us full of hope about the future that we're starting: yet it's not a good idea to try and jump into things too quickly. Many people make purchase mistakes while they're trying to buy a home, which leads to them either losing the house or being unable to manage the items they purchased. Here’s what to avoid buying when you’re looking for a home!

What Not to Buy While Looking for a Home

1.  Don't Buy or Lease a New Car

Many people love the idea of having a new home and a new start and want that to touch most of their life: but don't buy or lease a new car when you're going through this process. The moment you purchase your house, you can check your budget and buy whatever car you can afford, but doing it ahead of time is just going to set yourself up for trouble. Instead, save yourself from a large hit on your credit report, and avoid tightening your monthly financial budget. You can still eventually have that new car, but the house is more important at the moment.

2.  Don't Buy the Furniture Ahead of Time

This is the most common mistake people make, and it’s obvious why. There’s something about looking at houses that makes our inner HGTV go wild. We'll look at where our current furniture will fit and then consider what else we could provide: but it should stop there. Until you've closed on the home, please don't buy anything to furnish it. It's great that you're excited and confident in your ability to get the house, but furniture is expensive, it takes up a lot of room: and if you don't get the house, you'll have to pay for storage to keep it somewhere else. You're buying a home that you'll live in for a long time, don't rush yourself in the one to two months before it's legally yours. You have time. 

Many individuals make purchase errors when purchasing a house, which causes them to either lose the property or be unable to handle the items they bought. Get a balance unit at One Pearl Bank.

3.  Don't Buy Timeshares or Other Investment Properties

A surprisingly high number of people will look at their house payment calculator and realize they could fit another property into their budget: that doesn't mean you should do it. Not only will diminishing your available monthly money make it harder to get a loan, but you'll also have to pay and maintain this property while you're trying to get your current home set up. Of course, you can get this property down the line, but your main focus should be on the home you're buying for yourself. 

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4.  Don't Buy Yard Gear or Mowers

If you're moving from an apartment into a home, you may feel the itch to move forward with buying a  lawnmower, sprinkler system, or weed wacker: but don't do it yet! Until you've closed on a home, set aside any large purchases like this. The plans might not work out, and the deal could fall through, leaving you without the space to keep your new fun yard gear. If you're renting a house that has a different area, you should still be careful.

A home is one of the most exciting things you can purchase! However, don't rush things: save your buying until after the title is in your name!