Buying a home is one of the most important financial decisions anyone can make. Jamie Bosse, CFP® shares the top four mistakes first-time homebuyers make, and a few tips on how to avoid them.
Be careful out there
Housing is an intensely local market influenced by constantly shifting inventory, demand, interest rates and prices. According to a recent analysis by Property Shark, the nationwide homeownership rate peaked in 2005 at 68.9% before declining to 65.5%. Regionally we’re doing only slightly better with the current homeownership rate stands at 66.6% in Kansas and 66.7% in Missouri.
Jamie A. Bosse, a financial planner at Aspyre Wealth Partners and author of the personal finance book “Money Boss Mom,” says first-time homebuyers should avoid the following mistakes, no matter what the housing market:
- Spending all your savings on a down payment
- Buying more house than you can afford
- Waiving the inspection
- Forgetting about additional expenses