Overwhelmed is usually the right word attached to first time home buyers. It’s a huge undertaking financially, mentally and emotionally for most. Although it’s cumbersome, it’s also one of the best personal assets one can have. If you’re ready to make the move but feel flooded with confusion, breath! We made a list of common mistakes first-time home buyers make. Be informed and maybe you’ll have smooth sailing in the home-buying process.
- Not considering all the costs
There’s several costs that come from being a home owner. Your mortgage, property insurance, taxes, electric, water and like most, the internet (and yes, higher speeds come with greater costs). Before you get serious about home shopping, look deeper into your savings and ensure you’re able to pay for all these additional charges.
- Falling in love with a house before a loan falls in love with you
Get pre-qualified! Finding your perfect home and wondering if you’re able to afford it is disastrous on all angles. Knowing your budget, getting pre-qualified then beginning your home search is always easier and more efficient. When you know it’s the right time to buy a home, get pre-approved to ensure you put your best foot forward.
- Not hiring Real Estate professionals.
If you’re a home cook binging on top-chef, you can’t expect to go to any restaurant and run a great restaurant service.
It’s the same for real estate, it’s a very tricky realm of negotiations, paperwork and laws that would spin your head around unless you have professionals by your side. After all, you’re only as good as your weakest link so ensure that you’re going in with the best team. Partner with Real Estate professionals before starting your home search.
- Don’t be too picky (remember, you can make changes once you move in)
While it’s great knowing what you want when it comes to buying a home, some first time buyers get stuck on their “must have” lists and if that list is too long and specific, you’ll end up searching for a very, very… very long time. Figure out what you really need versus what you want and on top of it, know what you can afford.
- Have Vision (Past the 70s ceiling fan on that open-house you were in)
Although first-impressions are important when attending open houses, consider that even homes that do not look move-in ready, may have hidden potential. Imagine the home not just as how it is, but how it can be once you move in. It’s an important skill especially if you’re buying a fixer-upper.
- This house isn’t just for now, don’t ignore the future.
If you’re planning on living in the house for a long period of time, think ahead. If you’re a couple not thinking about children but are open to the idea, consider all the features your chosen home has and plan accordingly. Questions like whether your home is within a good school district, are there great parks nearby? Is the neighborhood fit for raising a family? Among many other factors are the things you should consider. Whether you’ve already been looking or just considering buying your first home, digest this list and hopefully you’ll learn from others past mistakes.