People are in a home-buying frenzy now with home prices relatively low as are mortgage rates. Experts are predicting that more gains will be made within the housing market during the years ahead. Along with the hot home-buying market come heavy competition for the homes and many are making all-cash offers. But, if you aren’t familiar with all the complexities of purchasing a home, you may have future financial regrets. There are five top mistakes that first-time homebuyers often make. First, they don’t consider renting a home. Although purchasing a home is often the best financial decision you could make, it doesn’t work for everyone. For example, if you know you’ll only be in the home for a couple of years it may not make sense to buy after you amortize the closing costs for that time period. Second, they don’t consider costs other than down payment. Homeowner’s insurance, maintenance or HOA (Home Owner’s Association) fees and closing costs may eat up your savings and
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