When it comes to purchasing your first home, it’s essential to understand the common mistakes. With any major decision in life, it’s important to have a knowledge of pitfalls to avoid and to craft a game plan. This will serve you well when you are ready to enter the real estate market.
- First, not getting pre-approved with a lender. This can limit your buying power and choices. Make sure to talk to a lender about your financial options. Consider what you can afford, but also think about the equity you want to invest or what you’re comfortable paying monthly. Oftentimes, lenders offer incentives for first time homebuyers, so investigate these as well. Come equipped to the offer table with a pre-approval letter that will show home sellers you are prepared.
- Second, skipping the home inspection. Hidden issues can cost you big time later. It’s crucial to know the major health and safety items in your potential new home. You can financially prepare for these items in the future and line up the necessary contractors to complete the repairs ahead of time and before you move into your new home.
- And third, overlooking additional costs. These include property taxes, homeowner association fees, homeowners’ insurance, and home maintenance. This all adds up quickly. Do your research on these costs and start saving now. It’s often that a major repair pops up after you move in. You’re better off going in prepared for these items in the long run.
Avoid these pitfalls, and you’re on your way to a smooth home buying experience. For more tips to help get you into your dream home, reach out today.