So, you have decided that the time is right for you to purchase your fist home and are gearing up for the home buying process. Well first time homebuyer, beware there are some home buying mistakes that you should avoid making at all costs. Here is a list of the top six scariest home buying mistakes to stay away from when buying your first home.
- Hiring The Wrong Real Estate Agent: Whether you are a first time homebuyer or an experienced one hiring the wrong real estate agent or choosing not to hire one is the biggest mistake you can make. Your top priority in any home buying experience is to find the right realtor for your situation. You want to have an experienced pro on your team with a proven track record for success.
- Not Getting Pre-Approved For A Loan: In today’s real estate market the first thing you should do when you decide to buy a home is to go to a lender and get pre-approved for a loan. Most sellers won’t even waste their time with you if you don’t have a pre-approval letter to show them. If you haven’t done it already go out and get pre-approved right away.
- Not Comprehending What You Can Afford: You will be destined to fail if you don’t fully comprehend exactly what you can afford to pay for a home. Just because the bank says they will lend you something doesn’t mean you can truly afford it or at least comfortably afford it. It is import that you make a budget for what you can afford and stick to it as much as you possibly can.
- Neglecting To Get A Home Inspection: It is imperative that you get a home inspection done on any property you intend to purchase. Even if the property seems to be in mint condition it is extremely important that you utilize the skills and knowledge of an experienced home inspector to ensure it is. Because if you don’t it could cost you thousands if not tens of thousands down the road.
- Failing To Consider Additional Expenses: There are a variety of additional expenses you will face after homeownership that you need to consider before buying your first home. Unlike when you were renting you will be responsible for insuring the property, paying the property taxes, and making any repairs needed for the upkeep of the property.
- Forgetting About The Future: Even though it is pretty much impossible to perfectly predict the future it is a huge mistake not to consider it when buying your first home. Be sure to pay attention to any and all of the available information out there when buying your home to better your chances at avoiding something unpleasant in the future.
This is great advice for any first time home buyer not just the first time home buyers buying real estate in Admirals Cove. So please consider sharing this article socially!