A Few Mistakes For First Time Home Buyers To Avoid

 

Deciding leisurely:

When purchasing a home for the first time it is important not to rush into a decision of such importance. However, it is vital that you make an offer in a timely manner if you would not like to risk losing the property to another buyer.

Improper budgeting:

It is important to consider the expenses of buying a house; from repairs to the upkeep of the home, to renovations, to closing costs etc.

Searching For A Home Before Getting Pre-approved

Often, first time home buyers pick a random price range and decide to begin the search for their first home in that price range. However, that’s not how it should be done. Yes, it’s more fun to go look at houses than to sit in a lender’s office where you have to expose your financial situation. But that’s a backwards approach, You get pre-approved, and then you find a home. That way, you’ll make a financial decision versus an emotional decision.

Improper trade-off:

While nothing may be able to be done about some of the concerns you may see with your potential first home, don’t change the things you see as a necessity/of great importance in your property search. If you can’t stand living in an apartment due to noise from surrounding apartments then perhaps that condominium is not the best compromise. Likewise, if you plan to have a family, don’t compromise on bedrooms when you know you’ll need a certain amount of bedrooms to accommodate family members.

Being over critical:

Finding the perfect home is a goal many dream of attaining. However, you may pass up a wonderful home by falling into the temptation of getting caught up in the search. Because you may not be able to see past what you want to what is available, you may pass up a property in your price range and criteria that could be your dream home. Also, the length of time you spend looking every month would accumulate to more money in rent you’d be spending instead of investing in your mortgage.

Not considering the future:

First time home buyers should consider the value a potential home could be sold for in the future. First time home buyers usually keep their first home for about four years. Also, be sure to look out for information about the neighbourhood like; new development shopping centres, parks, etc as this can make an impact on the future value of your home.

Failure to use a professional:

If you’re buying a fixer-upper/a house needing repairs, especially for first time home buyers, don’t try to cut corners by assuming costs. Have a professional come in and have a look at the home. It may cost you less then, but you may end up paying for it in the future. Professionals are skilled at what they do for a reason and they shouldn’t be overlooked.

Getting attached:

Don’t fall into the temptation of falling for a home before you first analyse your cost for renovations and repairs, etc. A beautiful home may turn out to be a money pit if you don’t properly analyse and budget properly. Also, if the seller notices before you begin to negotiate you may end up paying more than the seller intended to sell for or more than the home is worth.

Buying a Home

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