Common Mistakes Of First Time Home Buyers:- Purchasing a home is a good move if it fits your needs and your budget. Although this sounds easy, it's not always so simple. Below are five mistakes commonly made by first-time home buyers, and how to fix them.
1. Failing to plan in advance:- Before buying, consider any personal changes you expect in the next few years. For example, could you be moved for your job? Are you thinking of having children? Will you need two incomes just to pay the mortgage on this home? Consider these life changes before you start to look at homes.
2. Ignoring location:- Be sure you look beyond just the particular home you are interested in and take a good look at the neighborhood. You want to make sure the area is safe, that other homeowners maintain their homes, that you are new amenities such as schools, work, and worship. Ask also about whether any zoning or new construction is planned. Will your home maintain its value into the future based on the area where it is located?
3. Misunderstanding the home buying process:- Work with your real estate professional to make sure you understand every step of the process. After you find the right home, ask your agent for help and advice, and ask plenty of questions. Your attorney can help negotiate and explain how financing and escrow processes work in your area, and any other elements of the purchase.
4. Making an impulse buy:- New home buyers, looking for the first time, might think the first couple of homes they see are fantastic. Don't make a hasty decision, but instead take the time to see a good selection of homes. Make a list of the positives and negatives of each home, and then reduce your list to the three or four that meet your needs. Spend the time to look closely at neighborhood, schools, conveniences and the community. Make sure this is really what you want and need
5. Previewing homes you can't afford:- Don't get disappointed right up front, but instead get a pre-qualification to get an idea of how much house you can comfortably buy. Your real estate agent can help, along with advice about taxes and other expenses you'll be paying as a new home owner. Buying a home is more than just knowing the price and what's inside the house. Spend time to understand all of your options for this critical decision, and it will be a sound investment for your future.