Common First Time Home Buyers Mistakes
Congratulations! You have decided to enter the ranks of the homeowners, which is a very exciting time! It can also make you very anxious about whether or not you’re making mistakes that could impact your home buying experience. By following the tips below, you will be able to avoid some of the common pitfalls that face many first time home buyers.
Mistake 1: Not Taking the Inspection Seriously
When you are buying a new home, it is important to invest in a good inspector who will conduct a full inspection of the property to ensure you are made aware of any issues with the structure, plumbing, electrical system, or other items. By thoroughly reviewing the inspection report, you can verify the severity of any items on it and work with the seller or their representation to ensure that the most severe items are addressed before closing on your new property. The inspection is the best way to peel back the onion and see what underlying issues may exist, and may be your only opportunity to have them fixed without spending your hard earned money.
Mistake 2: Getting Emotionally Invested in a ‘dream home’ that you cannot Afford
Many first time home buyers are emotionally tied to the dream of home ownership and often let that emotion cloud their judgment when considering how much they can afford or what is a must-have in their new home. Avoid being emotionally invested by first making a list of the must-have and the nice-to-have items before you begin house hunting. Also, have a full understanding of your financial affairs so you will look only in the range that you can afford.
Mistake 3: Not Shopping Around for a Low-interest Rate
Interest rates change often, and different banks or lenders adjust their rates often more than once in a single day. Don’t make the mistake of settling for the first rate you see or that you are quoted. Shop around, ask your friends for referrals, homes and condos for sale in irvine and find a variety of mortgage brokers and see if you can find a rate that is the lowest, making your monthly mortgage payment reasonable for your financial situation.
Mistake 4: Not Working with a Realtor
There are lots of services that a realtor can offer beyond just finding the properties for you to consider. They provide treasured insight, particularly if they are more seasoned. They are also very helpful during the negotiation process because they are experts in the markets in which you are looking, and often have relationships with other realtors that will be crucial in ensuring that the buyer and seller are happy with the deal. You may think you can save money by not working with a realtor, but in the end, it is always a good idea to work with the professionals.
As you can see, there are lots of things to consider when buying your first home. After going through this process and avoiding these mistakes, buying your second home whether that is a few years or decades, should be a breeze.