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5 Common Mistakes to Avoid While Buying a House

5 Common Mistakes to Avoid While Buying a House

Buying a new house is a huge step, so it is important that you make your decision very carefully. Small mistakes and ignorance can cost you a lot. If you are not careful, buying a new home can become profoundly exhausting and scary, instead of exciting. It is a massive financial investment so make sure that you avoid any mistakes that can harm or halt your investment.

Here are some of the errors that can be very costly and shatter your dreams of buying a new home so make sure that you avoid them.

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1. Not Having a Clear Budget

The right budget is not what banks think you can afford to pay. It is possible that you are not comfortable with spending that much money. Having a very clear budget in your mind is important. Do not rely on the bank to tell you how much you can afford to spend. Create your budget by listing all the monthly expenses, include the rent in it, cost of using vehicles, loan payments if you have any, payments of credit cards, insurances, savings, etc. Subtract this amount from the take-home pay and you will know the exact sum of money you can afford to spend.

By knowing the exact budget, you will be able to hunt for houses that are within your price range. By not knowing the budget you will waste your time on properties that you cannot afford. It is possible that you end up investing in a place that you cannot afford. This can cause a lot of financial problems for you.

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2. Skipping the Qualification of Mortgage

Before you make an offer on a home, it is important that you have a pre-approved loan. You should know whether you qualify for a loan or not. Every loan has its requirements, for example, if you are applying for a reverse mortgage, you should have all the reverse mortgage information. It is important that the money the bank is lending you matches with the offer you are making for a house. The bank can reject or decrease the loan if you have poor credit or unstable income which can cause problems if you have already made an offer.

It is important to be careful even if you have a pre-approved mortgage as it is possible for it to fall through because of any significant change in the credit score. If the deal falls through, you will have to forfeit a lot of money, and it can be a major financial setback.

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3. Not Considering Added and Hidden Costs

Buying a house is not as simple as it looks. There are so many things that you have to consider. It is not just a simple act of moving from rent payments to paying the mortgage. There is the closing cost, insurance of homeowners, property taxes and the homeowner’s association fee. Most of the home buyers have all the major costs in mind, but they fail to consider hidden costs such as the maintenance cost. It is possible that when the added and hidden costs are included, the house becomes over budget. That is why it is important never to forget the hidden costs.

You can get an estimate of the whole cost by asking about average maintenance, a cost of insurance, taxes, etc. Add them to the monthly mortgage to know exactly how much the house will cost you.

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4. Skipping the Down Payment

Always keep the financial housing crisis in 2008 in mind, as one of its causes was giving mortgages to buyers who were unable to pay the down payments. When you skip one of the payments, it means that the mortgage payment gets higher along with the interest payment. Then the expenses will also increase because you need to pay insurance until at least twenty percent of the house is paid off.

5. Not Inspecting the Interiors

Do not spend your money by looking at the exterior of the house. It is possible that the most beautiful house can become a nightmare for you. It is not cost-effective to get stuck with the trouble of spending on unexpected repairs. Always take on the opportunity to inspect the interior of the house. It will help in seeing the actual state of the house.

While making your purchase makes sure that you do not make any of the above mistakes. If you manage to avoid these errors, then you will easily buy the best house within your budget.

Featured photo credit: US News Money via media1.fdncms.com

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Last Updated on September 18, 2020

7 Simple Rules to Live by to Get in Shape in Two Weeks

7 Simple Rules to Live by to Get in Shape in Two Weeks

Learning how to get in shape and set goals is important if you’re looking to live a healthier lifestyle and get closer to your goal weight. While this does require changes to your daily routine, you’ll find that you are able to look and feel better in only two weeks.

Over the years, I’ve learned a lot about what it takes to get in shape. Although anyone can cover the basics (eat right and exercise), there are some things that I could only learn through trial and error. Let’s cover some of the most important points for how to get in shape in two weeks.

1. Exercise Daily

It is far easier to make exercise a habit if it is a daily one. If you aren’t exercising at all, I recommend starting by exercising a half hour every day. When you only exercise a couple times per week, it is much easier to turn one day off into three days off, a week off, or a month off.

If you are already used to exercising, switching to three or four times a week to fit your schedule may be preferable, but it is a lot harder to maintain a workout program you don’t do every day.

Be careful to not repeat the same exercise routine each day. If you do an intense ab workout one day, try switching it up to general cardio the next. You can also squeeze in a day of light walking to break up the intensity.

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If you’re a morning person, check out these morning exercises that will start your day off right.

2. Duration Doesn’t Substitute for Intensity

Once you get into the habit of regular exercise, where do you go if you still aren’t reaching your goals? Most people will solve the problem by exercising for longer periods of time, turning forty-minute workouts into two hour stretches. Not only does this drain your time, but it doesn’t work particularly well.

One study shows that “exercising for a whole hour instead of a half does not provide any additional loss in either body weight or fat”[1].

This is great news for both your schedule and your levels of motivation. You’ll likely find it much easier to exercise for 30 minutes a day instead of an hour. In those 30 minutes, do your best to up the intensity to your appropriate edge to get the most out of the time.

3. Acknowledge Your Limits

Many people get frustrated when they plateau in their weight loss or muscle gaining goals as they’re learning how to get in shape. Everyone has an equilibrium and genetic set point where their body wants to remain. This doesn’t mean that you can’t achieve your fitness goals, but don’t be too hard on yourself if you are struggling to lose weight or put on muscle.

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Acknowledging a set point doesn’t mean giving up, but it does mean realizing the obstacles you face.

Expect to hit a plateau in your own fitness results[2]. When you expect a plateau, you can manage around it so you can continue your progress at a more realistic rate. When expectations meet reality, you can avoid dietary crashes.

4. Eat Healthy, Not Just Food That Looks Healthy

Know what you eat. Don’t fuss over minutia like whether you’re getting enough Omega 3’s or tryptophan, but be aware of the big things. Look at the foods you eat regularly and figure out whether they are healthy or not. Don’t get fooled by the deceptively healthy snacks just pretending to be good for you.

The basic nutritional advice includes:

  • Eat unprocessed foods
  • Eat more veggies
  • Use meat as a side dish, not a main course
  • Eat whole grains, not refined grains[3]

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Eat whole grains when you want to learn how to get in shape.

    5. Watch Out for Travel

    Don’t let a four-day holiday interfere with your attempts when you’re learning how to get in shape. I don’t mean that you need to follow your diet and exercise plan without any excursion, but when you are in the first few weeks, still forming habits, be careful that a week long break doesn’t terminate your progress.

    This is also true of schedule changes that leave you suddenly busy or make it difficult to exercise. Have a backup plan so you can be consistent, at least for the first month when you are forming habits.

    If travel is on your schedule and can’t be avoided, make an exercise plan before you go[4], and make sure to pack exercise clothes and an exercise mat as motivation to keep you on track.

    6. Start Slow

    Ever start an exercise plan by running ten miles and then puking your guts out? Maybe you aren’t that extreme, but burnout is common early on when learning how to get in shape. You have a lifetime to be healthy, so don’t try to go from couch potato to athletic superstar in a week.

    If you are starting a running regime, for example, run less than you can to start. Starting strength training? Work with less weight than you could theoretically lift. Increasing intensity and pushing yourself can come later when your body becomes comfortable with regular exercise.

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    7. Be Careful When Choosing a Workout Partner

    Should you have a workout partner? That depends. Workout partners can help you stay motivated and make exercising more fun. But they can also stop you from reaching your goals.

    My suggestion would be to have a workout partner, but when you start to plateau (either in physical ability, weight loss/gain, or overall health) and you haven’t reached your goals, consider mixing things up a bit.

    If you plateau, you may need to make changes to continue improving. In this case it’s important to talk to your workout partner about the changes you want to make, and if they don’t seem motivated to continue, offer a thirty day break where you both try different activities.

    I notice that guys working out together tend to match strength after a brief adjustment phase. Even if both are trying to improve, something seems to stall improvement once they reach a certain point. I found that I was able to lift as much as 30-50% more after taking a short break from my regular workout partner.

    Final Thoughts

    Learning how to get in shape in as little as two weeks sounds daunting, but if you’re motivated and have the time and energy to devote to it, it’s certainly possible.

    Find an exercise routine that works for you, eat healthy, drink lots of water, and watch as the transformation begins.

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    Featured photo credit: Alexander Redl via unsplash.com

    Reference

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