Buying a home for the first time can be cumbersome. You’ve never done it before, so it’s normal to feel a bit overwhelmed. Here are the most common first-time home buyer mistakes and our tips on how to avoid them.
Forgetting About Costs
Your mortgage will probably not be the only cost when it comes to buying a home. Smaller costs like property insurance, taxes, electric and water bills and other fees may start to pile up. Before buying a house, you may need to look further into your savings to figure out if you can pay for all of these additional charges.
Looking for a Home Before the Loan
Once you find a house and decide to buy it, you don’t want to spend time wondering if you can afford it. Knowing your budget, and that you are a qualified buyer before you begin your search may make the process easier and more efficient. Once you decide that it’s time to buy a home, get pre-approved for a loan.
Not Hiring Professionals
Moving isn’t as simple as packing up your stuff and renting a van. It takes a village to move into a new neighborhood. Your team can only be as good as your weakest link, so you may want to ensure that you have only the best players. Our real estate professionals have the experience, resources and training to make your first-time home buying process a great one – find an agent today.
Being Too Picky
There’s nothing wrong with knowing what you want when it comes to buying a home. But if your “must-have” list gets too long and too specific, you may end up looking for your perfect house for a very long time. Also, remember that you can make changes once you move in. It may be wise to take the time to figure out what you really need versus what you want. If you are unsure where to begin, start with our assessment guide.
Lacking Vision
Some of the open houses you attend may not look move-in ready. But plenty of homes have hidden potential. When you look for a home, try to look past the 70’s shag rugs and lava lamps. Imagine what the home will look like after you’ve moved in with all of your own belongings or try to envision the structure of the home without the stuff inside it. This will be an important skill, especially if you’re looking to buy a fixer-upper as your first home.
Ignoring the Future
If you plan on living in this house for a long time, you may want to think ahead. You may decide to have kids in a few years, and then you’ll have to worry about another set of questions. Will there be enough bedrooms? Is the house located in a good school district? These may be things to think about when buying your home.
Once you’ve purchased your new home or are about to, you’ve likely given a lot of thought to all of the responsibilities that come with it: mortgages, insurance and — sooner or later — renovations and repairs. While the responsibilities can seem overwhelming, owning a home is exciting and rewarding too. Here are our Five Do’s and Dont’s for New Homeowners.
Follow C21JFC on Facebook, Instagram and LinkedIn to keep up with the latest home tips, real estate news and resources across DFW. Subscribe to our monthly newsletter, Real Estate 411 here.