you’re making informed decisions. You can also ask someone you trust who’s good with numbers for guidance. Online mortgage calculators are another useful tool, and if navigating them feels tricky, don’t hesitate to ask for help. Besides your budget, you should know your current credit score. Perhaps you haven’t looked into your credit score in years, or maybe you’ve never known or remembered it. Regardless, now that you’re selling one home and buying another to better suit your new needs in this next chapter of your life, it’s time to learn your credit score! It’s best to get this done before you start the loan process so you can resolve any credit-related issues, if any.
MISTAKE #2: FORGETTING HIDDEN COSTS
Don’t make the common buyer mistake of disregarding so-called “hidden” costs involved with purchasing a home. Closing costs are probably the biggest (and best) example of this, as they can include a lot of different fees that can add up. Unfortunately, many buyers don’t factor in these fees as part of the overall cost of purchasing a home. The specific type of “hidden” costs you’ll need to be aware of and prepared for will depend on the type of home you choose as you downsize. A small, single-family house will have different costs and fees than a condo. Beyond closing costs, keep in mind property taxes, homeowners’ insurance, any necessary repairs you’ll be responsible for, homeowners’ association or condo fees, and the real estate agent’s compensation. There may also be other miscellaneous fees, such as utility setup or special assessments, depending on the property type. Being aware of all potential costs upfront will help you create a realistic budget and avoid surprises. MISTAKE #3: IGNORING LOCAL REAL ES CAL REAL ESTATE MARKE TE MARKET TRENDS
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