Common Mistakes Homebuyers Make—and How to Avoid Them

Last updated 5 years ago

Whether you are investing in your first home or upgrading to a new luxury property in a residential community, purchasing a house involves many steps, so there is plenty of room for small mistakes. Fortunately, taking just a moment to familiarize yourself with these four common homebuyer errors can save you time and money down the road:

Failing to Make a Budget

The best way for property owners to plan for mortgage payments is to calculate how much they make and spend per month far in advance. Be sure to include non-monthly expenses like birthdays, vacations, and other celebrations. A comprehensive budget includes things you want in a house, from the number of bedrooms to yard space to proximity to local attractions and businesses.

Underestimating Property Costs

When you invest in a property, be sure to consider more than just the sticker price. Your budget should also account for insurance fees, property taxes, and any furniture you will need to purchase. Be sure to plan for any necessary repairs, maintenance, and utility costs as well.

Overestimating a Foreclosure’s Value

With the recent economic downturn, even wealthy families faced foreclosure on their lavish homes. Unfortunately, many homes owned by lenders or banks may have been vacant for months, and some require extensive renovations or repairs. Ensure your comfort and safety by investing in a new property in a well-established community.

Failing to Find a Good Agent

Finally, if you are relying on a buyer’s agent to help you get your finances in order, be sure to use recommend agents and interview potential candidates about their experience.

If you are interested in a residential community with luxurious amenities and little to no outdoor maintenance that is centrally located to Denver’s busy metropolis, visit Century Communities at http://www.centurycommunities.com/. Our Front Range Sales Center is conveniently open on Monday from 12 p.m. to 5 p.m., Tuesday through Saturday from 10 a.m. to 5 p.m., and on Sunday from 11 a.m. to 5 p.m.