Tag Archives: renting a home

5 Common Mistakes That New Homeowners Make

Are you getting ready to purchase your first home? This can be exciting but grueling and challenging at time. Not to mention the fear that comes along with it. Renting a place is much different, you have less responsibility and worries but when you purchase a home, many things come into factor. For most people it may seem easy, they find a house that they love at a reasonable price but it is not that simple. Many of those people make common mistakes that hurt them in the long run. This article provides you with some of the common tips that most first time home buyers make when purchasing a home.


1. Not Knowing What You Can Afford

One of the first things that you need to know is how much can you afford. If you are a first time home buyer in your early 30’s, maybe save your money for future investing because this is your first home but it will certainly not be your last. We suggest that you keep track of your monthly expenses and plan for any upcoming expenditures that may arise such as homeowners insurance, realtor fees, and loan payments. Keeping track of your current expenses is the key to figuring out how much you can afford.

2. Skipping Mortgage Qualification

Another big mistake that first time home buyers tend to make is to skip their mortgage qualification. Make sure to get pre-approved for a loan before placing an offer on the house of your dreams. This is especially true if you have little to no credit or an unstable income.

3. Not Considering  Further Expenses

Upon being a homeowner, you will encounter expenses on top of your monthly mortgage payments. Unlike renting, you’ll be now responsible for paying property taxes, home insurance and making any repairs the house needs.

4. Neglecting to Inspect

Before going into Escrow and close on the sale, you have to know what kind of shape the house is in. Just like buying a used car, you must give it a thorough inspection in order to know the car is fully functioning. This will allow you to avoid unexpected repairs that cause headaches to say the least.

5. Not Choosing to Hire an Agent or Using the Seller’s Agent

Walking into an open house without a qualifies real estate agent is one of the worst mistakes on can make. Real Estate Agents are held responsible to act on both the seller’ and buyers’ best interest so we suggest that you contract an agent of your own so that you two build a mutual relationship that is long lasting.


Once you’re seriously shopping for a home, don’t walk into an open house without having an agent (or at least being prepared to throw out a name of someone you’re supposedly working with). Agents are held to the ethical rule that they must act in both the seller and the buyer parties’ best interests, but you can see how that might not work in your best interest if you start dealing with a seller’s agent before contacting one of your own.


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Before You Rent An Apartment Know The Rental Contract

Although I am in the Real Estate and Mortgage home loan business and favor the idea of owning a piece of Santa Maria real estate and the place you live in more than I do renting the place you live in I do realize that not everyone is able to buy a home for whatever reason.  Sometimes it may be due to credit issues or income issues and some see no benefit in owning their own place which is okay different strokes for different folks.   So if you fall into this category well here are some things to consider before signing that contract.

Numerous renters barely even skim their rental agreement previous to signing their name with the bottom. Most renters are chiefly concerned with the monthly charges, one time only costs, needed deposits along with other monetary matters. When they verify the facts and it is just as the leasing agent said it was, they generally sign the arrangement with no questions asked. This can be a mistake since a rental contract is a legal agreement which may well have a host of significant details which the renter should be aware of before signing the document.

Considering a Roommate?

Those that are thinking about the possibility of your roommate may mistakenly think this really is certainly possible mainly because they are living alone and have two bedrooms and two bedrooms. These uninformed renters may perhaps see an opportunity to share their rent with another. On the other hand, some rental agreements strictly prohibit renters from soliciting their own roommates and allowing an extra person to move into the condo after the lease is already signed. Renters who violate this contract may possibly face harsh penalties. These penalties might even include eviction.

Renters who want to have the choice of a roommate need to have to have to ideally make this choice prior to the agreement is signed. This will likely allow the homeowner to set provisions into the agreement to allow for the renter to add an more resident at any time. The leasing agent may possibly even now require last approval of the roommate but this approval process will most likely be dependent on the results of a background examine as well as a check of the prospective roommate’s finances.  So make sure you are not going to be in for any surprises because you thought you can save some money instead of it costing you money.

dog and his boneWant to Adopt a Pet?

Renters who wish to adopt a pet in the close to future have to have to also familiarize themselves with the rental contract. This really is important because restrictions inside the types, size and certain breed of animals apply not just when the renter moves in but throughout the conditions of his rental contract. This indicates a renter who has signed contractual paperwork stating they don’t own any of the prohibited animals such as dogs or cats aren’t free of charge to purchase or adopt supplemental pets during the course of the rental agreement. As a result, renters who usually do not have animals but plan on getting one in the  future ought to read the agreement paperwork as if they’re already a pet owner and decide whether or not to sign dependent about the statements in just the policy.  Getting a pet and then having to let it go can e heart breaking so check the contract and rules some places may allow dogs as long as they are no bigger than 40lbs and some may allow pets just no dogs or cats.


Plan on Getting Visitors Frequently?

Even renters who have normal overnight visitors should familiarize on their own with their rental arrangement prior to signing the document. That may be significant simply because frequent visitors may perhaps actually be regarded residents in some situations. This can likely depend about the particular rental contract but it is not entirely uncommon for leasing agents to specify that visitors who spend a unique number of nights for the property per month are regarded to be residents of the condo. This really is significant simply because the rental arrangement may possibly clearly identify how a lot of men and women may well reside inside the condo at any one time.

Visitors who’re staying at the apartment too generally may well put the resident at danger of getting accused of having further persons living from the condo. In some circumstances this might be regarded as trigger for eviction. For this explanation, the renter need to have to have to be sure he is familiar with the conditions of the contract ahead of allowing others to spend the night inside condo on a typical basis.

When you just rented or are thinking of renting a house or condo, you will quickly acquire many offers within the mail for various items and services for the new home. This really is simply because marketing companies collect your info and market it to several businesses as a new mover list. Generally because new movers have a tendency to need so a lot of several things for their new household, several companies create and mail postcards or catalogs to these types of people and residences. Exactly the same is true should you lately purchased a property. That details is sold as a homeowners list. Similarly, new building permit filers may also discover themselves swimming in a range of offers on a construction leads list. It is crucial that you listen up to these kind of offers, which will be able to save you lots of time and money.

Hopefully there was some good info here and some things to consider and if  you feel like buying vs. renting all I have to say with rates as low as they are now and home prices as low as they are you may find that your monthly payment of what it costs to rent that apartment and what it may cost to buy a Santa Maria home for sale are pretty close.


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