Check out these real-life homebuyers mistakes to prevent falling into the same traps in Oxford MS real estate.

1. Spending too much money on a wedding or event

Millennials are proven to spend large amounts of money on bachelorette and bachelor excursions that can rival the cost of many honeymoons. Many of these excursions are exceeding $1000 and costing you and your best friends at the opportunity of making a down payment to make your new married life better.

2. Buying too large of a home in the Oxford MS real estate market

Many expecting parents are looking to add space to their property. Some of this thinking comes with the expectations of visitors to see the baby or expecting parents may wish to have a child’s only room. The key questions to ask is: how often will guests come to stay with you? Oxford does have plenty of hotels and let’s be frank, your guests may want a break from hanging out with your children after awhile. Others are projecting how many kids that they might have. This is even more risky.

3. Buying the house that you cannot afford

Do not become house poor. Sure, you can build some equity, but if you are slashing your living standards too much, you will regret the decision to buy.

What if an atrocity happens? You need to make sure that you have an emergency fund before purchasing any property.

4. Chasing the Joneses

This is more of a lifestyle choice that can be applied to all phases of life. Buy the house that you can afford and fits your needs. Worrying about other people’s perception of your physical things is a waste of your life. Most people do think that much about you – they are busy thinking about themselves.

5. Large renovation

Fixer uppers can be great and add a lot of value, especially among people looking to live in the home for the long-term. But the idea of flipping a condo or house and selling it is impractical. HGTV has perpetuated this idea, but just remember – these are very seasoned experts and these shows are going to show far more successes vs. giant flops.