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Five Common First Time Home Buyer Mistakes
Dated: April 13 2017
Congratulations if you are considering the investment of owning your own home instead of throwing money away on renting! One of the most common and significant necessities that life offers is owning your own home.
While you're at it, it's imperative that you avoid the following common mistakes that first-time homebuyers make:
1) Lack Of A PreApproved Home Loan - Some people are anxious to shop for a house and want to do it quickly, before they are financially able to afford it. If you've already started talking to sellers before having a hard talk with home loan lenders, you are making a mistake. In fact, not many sellers will want to work with you if you promise them a certain amount and then can't fulfill that promise.To avoid any disappointments, it's wise to have your home loan pre-approved first, then go ahead and look for a house to buy.
2) Settling On A Verbal Agreement - Double crosses are bound to happen when agreements are made verbally. It would be difficult for you to prove n court that a promise was made or a handshake was made. Therefore, it's best that you and the seller get everything down in writing to avoid further miscommunications. This way, you will have something to present in court should the seller fail to keep their word.
3) Disregarding Hidden Costs - This is another common mistake that many first-time homebuyers often make. If you neglect to prepare for hidden fees, you might be in for a big surprise. Closing costs are a good example of hidden fees, which usually include a number of fees that cover final transaction matters. Before signing an agreement to purchase, it would be wise on your part to determine what hidden fees are there.
4) Being Indecisive - As unwise as it is to rush into making a purchase, it is equally dumb to take too long without making up your mind. If you take too long to make a decision, another home buyer will take advantage of your indecisiveness and buy your dream house. Since market trends change from time to time, you could also find out that the house you took too long to buy has a new (and higher) price tag attached to it.
5) Forgetting The Cost Associated With Owning A Home - Just like buying a car, a house requires money to maintain. The pain of parting with your hard-earned cash will not end on the day you finish your last mortgage payment. You have to brace yourself for other costs associated with maintaining a safe, secure, and environmentally friendly home. You have to be ready to meet certain costs such as association fees, insurance, taxes, utilities, maintenance and major/minor repairs.
While this isn't an all-inclusive list, if you can avoid the above mentioned mistakes that are commonly made by first-time homebuyers, you will be more like a pro homebuyer instead of a rookie. Avoiding these mistakes can help you make the right choices when it comes finding a home you and your family can take pride in.
NEED MORE ADVICE?
Buying a home can be a daunting task. To help you prepare as much as possible, I'm offering a FREE book that details the buying process in any market with strategies, details and advice to help the process go as quickly and smoothly as possible. The book contains the best ways to search for your desired home, how to compare your needs versus wants, negotiating tips, what to look for in a home loan, steps to take during a home inspection, and a full rundown on the closing process.
These strategies and advice have helped thousands of people by their home in a timely manner and most importantly, for a reasonable or even amazing price.
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Terry is the Principal Broker at Regional Realty. He is a motivated Realtor specializing with investors and new home buyers located in the following areas; Alexandria, Ft. Thomas, Ft. Mitchell, Indepe....