Owning your first home together is an exciting dream that can come true with a minimum of stress if you prepare before you begin your search. Many people, including same sex couples, make the mistake of jumping right into the search for their perfect home and then end up stressed out and exasperated with the unknown. Following are the top five mistakes first time same sex home buyers make.
1. Not Getting Pre-approval from a Mortgage Company
Getting pre-approved for a mortgage is not a requirement for writing an offer on a home, but it can put you in a better position for having your offer accepted over a bidder who does not have preapproval. In addition, since you will know how much the mortgage company is willing to lend you for the purchase of a home, you will not waste your time, or the professional you’ll be working with by making offers on homes that you cannot afford.
2. Not Fully Understanding and Budgeting For the True Cost of Homeownership
A general rule of thumb is to budget one-third of your income to housing costs. While many assume that budgeting for a monthly mortgage payment is enough, that is not the case. Other costs that must be factored in include property taxes, homeowners insurance, utilities and property maintenance (mowing, painting, trimming, repairs and replacements). While maintenance is difficult to estimate, you should commit to saving a small amount of money each month that is dedicated to unexpected purchases. For example, your furnace or hot water heater breaks down and you need to have it repaired or replaced. While you could call the landlord if you were renting and problems arose, you will be required to correct any problems with your new home on your own.
3. Not Understanding Fluctuating Real Estate Markets
Real Estate, even today, has made more millionaires than any other investment – but we must always understand that real estate fluctuates up and down depending on the state of the general economy. Be very careful if you’re purchasing a home today expecting to stay and year or two and sell for a profit! The real estate crash of 2008 left many individuals that were “playing the market” in bankruptcy… this isn’t Monopoly.
4. Not Hiring The Right Real Estate Professional
While some people are savvy enough to stumble through the purchase of a home themselves, most are not. There are many aspects to purchasing a home including offers and negotiations, inspections, appraisals, multiple deadlines, closings, etc. that are best left to the professionals. A third party professional negotiating on your behalf could potentially save you thousands of dollars. A Top LGBTQ real estate agent can assist you with every step in purchasing your new home. You can also search for real estate professionals through online services such as GayRealEstate.com, a company serving the LGBTQ community for over 25 years. Hiring a real estate agent based upon a 5 minute visit at an Open House is not that way to find an agent that will stand in full support of you – it’s important to know the person representing your best interests in what may be the largest purchase of your life, also stands in full support of the person you are and the life you live!
Purchasing a home is a major event in your lives. If you take steps to prepare, you will endure less stress and will have more time to enjoy the search to find your dream home.
GayRealEstate.com connects buyers and sellers with trustworthy gay, lesbian and gay-friendly real estate agents to remove potential discrimination from all real estate transactions. The GayRealEstate.com team maintains personal connections with reliable agents to ensure their clients are treated equitably and with respect. All agents are interviewed and investigated extensively and many have retained partnerships with GayRealEstate.com for decades. With more than 25 years of experience, GayRealEstate.com focuses on establishing reliable real estate connections with professionals who understand the unique needs and desires of the LGBTQ community.
For more information, visit: www.gayrealestate.com