8 Common Mistakes First Time Home Buyers Make
Buying a home is one of the most exciting – and nerve-wracking – things you’ll ever do. There’s so much to think about, from where you want to live to how you’re going to finance your purchase. It’s no wonder that first-time home buyers sometimes make mistakes. Here are some of the most common ones:
8 Common Mistakes First Time Home Buyers Should Avoid:
1. Not knowing your budget for your first time home
The first step to buying a home is understanding what you can afford. This means getting pre-approved for a mortgage and being realistic about your budget. There’s nothing worse than finding your dream home only to realize it’s out of your price range. Setting your budget and sticking to it will be important. If the home is out of your budget – don’t even go look at it!
2. Skipping the home inspection
A home inspection is a must, especially if you’re buying an older home. It’s important to know what kind of shape the property is in before making such a large investment. Hire a professional to inspect the home – it could save you thousands in the long run. Skip the inspection at your own peril!
3. Failing to do your research before purchasing your first time home
The process of buying a home can be overwhelming, so it’s important to do your research. This means being aware of the different types of mortgages available, as well as the steps involved in the home-buying process.
4. Not considering all your costs
There are more costs associated with a first time home than just the purchase price. You’ll need to factor in things like closing costs, property taxes, and homeowners’ insurance. Don’t forget about these additional expenses when budgeting for your new home!
5. Overlooking red flags
If something seems too good to be true, it probably is. Be sure to thoroughly inspect a property before making an offer, and don’t hesitate to walk away if there are any major red flags. Regardless of how many boxes the house checks off of your list, if your inspector says no – walk away.
6. Rushing into a decision
Buying a home is a big decision, so don’t rush into it. Take your time to find the perfect property and be sure you’re comfortable with all the terms of the sale before signing on the dotted line. Many real estate agents will pressure for a quick decision. If you gut says wait, wait. If it is “the house” it will wait on you.
7. Not having realistic expectations for a first time home
It’s important to have realistic expectations when buying a home. Remember that no property is perfect, and there will always be some compromises involved. Decide if you can live with the design until you’ve saved enough to renovate. As long as you’re happy with the overall package, that’s what really matters!
8. Not investigating your neighborhood
Be sure to research the neighborhood you’re considering before you make an offer on a home. Look for things like crime rates, schools, and public transportation.
So, if you’re in the market for your very first home, be sure to avoid these eight deadly sins. Work with a qualified real estate agent and remember that Rome wasn’t built in a day – it may take some time before you find the perfect property. But stay diligent, stay organized and most importantly, have fun with the process! Are you a first-time home buyer? What mistakes have you made along the way? Let us know in the comments below.
