Online mortgage calculators are also a fantastic tool to help you, though if you don’t feel comfortable finding your way around the Internet, ask someone to help you. 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! For example, if you try to apply for a mortgage for your new home without checking your score, you could end up paying a lot more than expected. It’s best to get this done before you start the downsizing process so you can resolve any credit- related issues.
MISTAKE #2: FORGETTING HIDDEN COSTS
Don’t make the common buyer mistake — which applies to all types of buyers — 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 would, for example. Some fees to keep in mind, besides closing costs, are property taxes, condo fees, homeowners’ association fees, insurance, any repairs that you will be responsible for, etc.
MISTAKE #3: IGNORING LOCAL REAL ESTATE MARKE TE MARKET TRENDS T TRENDS
Especially if you’ve lived in your home for quite some time, you might not have been paying attention to local real estate market
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