The asking price of the home was $800,000 and with a financial sleight of hand by a mortgage loan officer, El Moussa was approved, but ended up penniless in a 1,400 square-foot home adorned with the latest in minimalist furnishings–as in no furniture whatsoever.
“Although I laugh looking back at it now, the experience taught me an important lesson: Buying a home is exciting,” El Moussa told Realtor.com. “So exciting, in fact, that it’s all too easy to get swept up in your emotions and make some mistakes.”
Related: A Smarter Way for ETF Investors to Approach Real Estate
El Moussa cited seven mistakes rookie home-buyers make:
- Going house shopping before mortgage shopping
- Buying a house beyond your budget
- Gushing about how much you love a home
- Bypassing a home inspection because the house looks perfect
- Assuming new construction is in great shape
- Forgetting to ask about HOA/condo fees and assessments
- Buying just because you’ve had it with house hunting
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