There’s a feeling everyone gets when you believe you’re ready, but anxious to purchase your first home. There are several mobile home parks in California which offer great options for mobile home living. We know how this feels and luckily we know the common mistakes and problems that first time mobile home buyers encounter. It can be a very exciting experience or a very scary one depending on how you go about the deal. If you actually believe you are ready to purchase a home, you must’ve done all your homework, saved money, and planned this for a long time. If this doesn’t sound like you, then take a step back and read about some of the common problems you and others may face.
First things first, if you aren’t financially ready, then there is no reason why you should be purchasing a home. If you don’t have a savings account with enough to support you and your lifestyle needs for at least 6 months to one year, then don’t even think about purchasing a mobile home in California. Others may argue this point, and some may be right given very certain circumstances. Generally speaking, it is not a wise idea to put everything you have into the home without knowing if you can afford the mortgage bills and taxes due the months following after you sign the dotted line.
You must be financially ready when you decide to purchase a mobile home, and you must view this home as an investment like a lot of investment property group mobile home parks. When you think about the property, location, and money you will spend on it, it’s important to think about how you can make money back on your property in the future. Whether that means selling the home or renting it out.
Another problem a first time buyer can make is only getting one rate quote. When you are looking at banks to help buy the house with, if you don’t go out, schedule appointments, and meet with individuals who can tell you the deal you can get, then you could miss out on a lot. It’s also nice to hear how other banks will work and ultimately find one that feels comfortable. You can take your offers from other banks that may seem like a better fit and try and get a rate match. Some bankers are willing to work with their clients depending on their history.
One of the most common complaints that first time homeowners go through, is not having the capital to put a full 20% down payment. This leads to many more months and increased interest rates on your mortgage. Paying in full is obviously the best way to go, but not a lot of people have several hundred thousand dollars lying around. So, going to a bank to secure a mortgage loan is the most standard approach for home buying. The more you can put down upfront, the better your deal will be with the bank and the sooner you will pay the hose off. Make sure to save as much as you possibly can before purchasing a home. It’s always better to spend the money now, rather than continuously for years and years.
Most problems usually end up being financial issues. That’s why you should avoid emptying your savings account when you purchase a new home. There will be more issues that arise such as replacing light bulbs, toilets, plumbing, and possibly electrical. The most important thing to do is understand where you are financial, what you can and can’t afford, and do your homework on the best mortgage deal you can get. Speak to bankers and take advice from other homebuyers in your circle. We hope you learned about a few common mistakes and problems homebuyers face.