What Are the Top 3 Mistakes First Time Buyers in Downtown Minneapolis Make and How Can You Avoid Them? By Downtown Minneapolis Real Estate Expert, Mike Weiland
If you're considering a home purchase in Downtown Minneapolis, there are several deadly home buying mistakes you should be aware of, so you can be sure you can avoid these mistakes. These mistakes are common and cost home buyers thousands upon thousands of dollars every year. These mistakes are buying too much house, not having padding for hidden costs and not getting the house inspected.
Mistake #1 - Buying Too Much House
This is by far the most common real estate buying mistake in Downtown Minneapolis. Most people believe that lenders will only approve you for as much house as you can afford. For example, they may pre approve you for up to $500,000. That does not mean you should buy a $500,000 house!
Instead, it's important to calculate how much you can really afford. Make this calculation both based on the down payment and the monthly payments. Be conservative with these numbers.
Mistake #2 - Not Accounting for Hidden Costs
Closing costs, inspection costs, repairs and last minute costs tend to always surprise buyers. Buyers who go into a real estate transaction with only enough money for a down payment often run into the problem of not having funds for last minute costs.
To save yourself the stress, save yourself money and improve your home buying experience, it's important to have some spare padding cash to help ensure the home buying process goes smoothly.
Mistake #3 - Not Having the Home Inspected
Having the home you’re buying inspected is absolutely crucial. Although this may seem like common sense, thousands of lawsuits are filed every year over property issues discovered after the purchase that could have been found if the buyer had just gotten an inspection.
The few hundred dollars an inspection costs are well worth the money. On top of the inspection report, you also get to ask the inspector any questions you need about the plumbing, electrical systems and foundations, so that you can really get peace of mind with your purchase.
There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis real estate. For complete information about the Downtown Minneapolis real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Downtown Minneapolis real estate at www.LivingInDowntownMinneapolis.com . Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 612-735-6834 or email me at mike@mikeweiland.com.
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