Buying a home for the first time can be very overwhelming. It’s a big decision and there is a lot to learn. Here are the top 5 mistakes to avoid for first time buyers.
- NOT KNOWING WHAT YOU CAN AFFORD
- Being able to afford a mortgage payment doesn’t necessarily mean you can afford to own a home. Remember to calculate regular maintenance expenses, property insurance, and higher utility bills due to more space. This will give you a true sense of what you can comfortably afford.
- SKIPPING PRE-APPROVAL
- Before you start visiting open houses, make sure that you are pre-approved for a loan. Pre-approval involves verifying your credit score, income and assets and it is a solid basis for home-shopping.
- BEING TOO PICKY
- You’ll definitely want to make a list of needs and wants- make sure to be specific. However, you should use caution: don’t think that you’re going to buy your dream home on the first try. First time home buyers often have to make compromises due to limited funding, so you may need to accept some outdated cabinetry or give up that extra bathroom.
- NOT GETTING PROFESSIONAL HELP
- Realtors have intimate knowledge of the local housing market and communities, as well as a plethora of professional contacts. And since all agents in a transaction are compensated by the seller, there’s really no reason to pursue a transaction alone.
- BECOMING OVERLY EMOTIONAL
- It can be so easy to walk into an open house and picture your furniture in the living room, your kids playing in the backyard, and fall madly in love with the home of your dreams. While you should certainly be excited by the prospect of homeownership, you should also be reasonable. Allowing emotion to cloud your judgement could blind you to serious flaws with a property.
The Scott Newell Team hopes to support our community in providing valuable information on homeownership and all that it involves. We would love to discuss your home buying or selling options. Please check out the team at www.www.intheneighborhood.com or contact Scott directly at 267-421-9266.