Q Realty® | Albuquerque Real Estate | Albuquerque Homes For Sale

An Albuquerque Real Estate Company - People In "The Q" Use Q Realty®

Call Today: 505-750-0059

People in “The Q” use Q Realty™

  • Home
  • Property Search
    • Search by Community
      • Tinnin Farms
      • North Albuquerque Acres
      • North Valley Albuquerque
      • Downtown Albuquerque
      • Foothills North and High Desert
      • UNM Area
      • Sandia Heights
      • Far Northeast Heights
      • Uptown
      • Northeast Heights
      • Foothills South
      • Four Hills
      • Southeast Heights
      • Academy West
      • High Desert
      • Corrales
    • Newest Listings
    • Million Dollar Listings
    • Luxury Homes ($500K-$1Mil)
    • Single Family Homes
    • Condos & Townhouses
    • Foreclosures
    • Open Houses
    • Recent Price Reductions
  • Buyers
    • Buying with Q Realty®
    • Featured Listings
    • Mortgage
    • Open Houses
  • Sellers
    • Selling with QRealty
    • Listing Your Home
    • What’s My Home Worth?
    • Request a FREE Market Analysis
  • Find an Agent
  • Blog
  • About Q Realty®
    • Our Agents
    • Real Estate Licenses
    • Preferred Vendors
    • Career Opportunities
  • Contact
You are here: Home / Blog / Mistakes People Make When Purchasing Their First Homes

Mistakes People Make When Purchasing Their First Homes

March 3, 2020 John Kynor Leave a Comment

Purchasing your first home is likely one of the largest financial decisions you’ve ever made. To avoid making costly mistakes you’ll regret, you must be aware of some of the most common mishaps that first-time homebuyers make. This will help you know exactly what situations to avoid and ensure your homebuying experience goes and smoothly as possible. Here are some of the most common mistakes people make when purchasing their first homes.

Purchasing a home outside of their budgets

When you fall in love with a home, spending a little more than your budget allows may not seem like that big of a deal. However, doing so can lead to a lot of regret later on. Purchasing a home outside your budget increases the likelihood that you’ll eventually lose your home if you experience unexpected financial struggle later on. Plus, doing so puts a strain on your monthly budget for years to come, as you’ll have less money to spend on other obligations such as electricity bills and food. As such, purchasing a home outside your budget is typically riskier and more stressful than it’s worth—you’re better off purchasing a more affordable home. To determine how much you can afford to spend on a home, use a mortgage affordability calculator to get a good estimate of a realistic price range.

Not knowing all their home loan options

Many people can’t afford to purchase homes out of pocket. As such, getting approved for a home loan is typically necessary. If you have poor credit, however, finding a lender who’s willing to approve your application for a home loan can be challenging. As such, it’s important to know all your options so that you can give yourself the best chance of getting accepted. FHA, VA, and USDA loans are some of the best home loan options for people with poor credit. Because they’re government-insured loan programs, lenders take on much less risk by approving your loan and, as a result, are more likely to do so.

Not making a large enough down payment

A common mistake people make when purchasing their first homes is not making a large enough down payment. Some loans allow you to make down payments as low as 3.5 percent of the home’s cost, but this doesn’t necessarily mean you should. Making a down payment that’s too low may result in steep monthly payments that aren’t affordable. In addition, you’ll likely have less favorable loan terms than if you’d saved up for a bigger down payment. You don’t necessarily need to make the ideal 20 percent down payment, but it’s important to make a down payment that’s high enough to give you manageable monthly payments.

Tweet

Related Posts

  • Decorating a Contemporary Dining Room
  • Do-It-Yourself Tips for a Luxury Kitchen
  • Adding a Patio Spa to Your Backyard
  • This is a wordpress post
  • This is a wordpress post

Filed Under: Blog, Featured Blog Posts

About John Kynor

John Kynor is the Founder, CEO & Qualifying Broker of Q Realty®. John has enjoyed over 15 years in Albuquerque real estate and is a multi-million dollar producer. He founded Q Realty® in 2012, which quickly became one of the top real estate companies in Albuquerque ("The Q"). Contact John at John@Qrealty.com with any questions.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Agent Directory

Find an Agent

Testimonials

Joe Szklarz has been my realtor for many years and has been invaluable

L. Thompson
Broker-Joseph Szklarz

Read More

Mortgage Calculator

$
  %
  yrs
  %
$

Real Estate Search

Q Realty® is an Albuquerque real estate company and is locally owned and operated. Q Realty® or "The Q" was founded on the principals of outstanding customer service and we have earned the reputation of being the most “customer-centric,” honest, ethical and professional real estate company in Albuquerque. We treat our customers how we like to be treated.

Real estate used to be considered a sales industry and many companies still treat it as such, but not Q Realty®. Consumers do not like the feeling of being “sold” and neither do we. Instead we “serve” and “help” our customers with their real estate needs. As a result of our dedication to first class customer service Q Realty® earned a spot on Albuquerque Business First's list of the top 25 Real Estate Brokerages in New Mexico, as measured by the number of homes sold and the total value of homes sold by each brokerage

Q Realty® is comprised of only the most experienced and talented Real Estate Professionals who have reputations for delivering exceptional customer service. We specialize solely in the Greater Albuquerque Area, which includes Rio Rancho, Corrales, Placitas, The Village of Los Ranchos de Albuquerque, Bernalillo, Belen, Los Lunas, Bosque Farms, Tijeras, Zuzax, Edgewood, and the rest of the East Mountains.

We are Q Realty® and we specialize in “The Q”. If you are buying or selling a home in the Albuquerque area, please give us an opportunity to earn your business and contact us today.

info@theqrealty.com
505-750-0059
4333 Pan American Frwy NE Suite E Albuquerque, NM 87107
© 2021 Q Realty® | Albuquerque Real Estate | Albuquerque Homes For Sale

Sign Order Form | Sitemap | Log in