SCHUTT LAW FIRM, P.A.
Phone: 239.540.7007
Blog
01/28/2015
If you are currently thinking about buying a property, that’s great! This financial move has many advantages over renting, as your property increases its value over the time and overall provides you with a pride and stability. However, you should sit and assess your situation before making a decision. There are many things you should consider and at Schutt Law Firm in Fort Myers, we would like to tell you about some of the most common home buying mistakes. 

Budget

The first step is getting a financial institution to pre approve you for a loan; this will give you an idea of what kind of property you can afford and stay out of debt. Having a stable income is also important to pay for the monthly mortgage, and don’t forget that your savings should be destined to cover at least 20% of the total value of the property as downpayment. 

Extra Costs

There are many ‘hidden costs’ that buying a house represents and you should include them your budget; property taxes usually take about 4% of the home value, plus you shouldn’t forget about the home insurance, move, inspection and others. Also, giving maintenance to your home is important - every year you may have to perform a few repairs that you should also be prepared to cover.  

Home Inspection

Some people may recommend skipping the home inspection to make your offer stand out, which is a big mistake. Some owners may ignore or hide any problems in their property, that you will have to repair and there are certain damages that can be extremely expensive like fixing the roof or foundation. 

Becoming a homeowner is a dream come true, however you have should always be prepared to handle these and other situations that may occur. Don’t forget that legal assistance is crucial during this process; if you are looking for title insurance in Fort Myers, think about Schutt Law Firm. Our experts will be glad to advise you and protect the effort involved in this transaction. 

Please call 239-540-7007 to learn more about our services and how can we can help.