3 Mistakes First-Time Home Buyers Make
It’s exciting….you’ve been renting for years or living in your parents basement and now you’ve finally gotten all of your ducks in a row to buy your first home.
You’ve spent hours driving the neighborhoods and even more hours looking on-line at homes for sale. You’re anxious and maybe a little impatient to find that perfect dream home, but wait. It’s important to put the brakes on and not make these 3 mistakes that are so often made by first-time home buyers.
1. They Go Solo
In our day and age of on-line real estate sites, savvy apps, and virtual banking going solo to find your first home can sometimes seem like a good idea. After all, the internet is full of information to help you along the way. However, an agent with experience will not only save you money but will also make your life a whole lot easier.
Here are 3 ways a real estate agent can help.
1. An agent will give you negotiating power. Due to their experience and understanding of the market this will save you time and money.
2. An agent will help reduce your stress and make the process easier. Deciding which home to buy is hard enough. Let an agent take on the load. There are many many steps in the home buying process, so let an agent do those for you.
3. An agent looks out for your best interests at all times. Having someone in your corner is priceless when it come stop buying a home and will help you sleep at night knowing someone has your back.
2. They Skip the Home Inspection
You have pinched your pennies and the temptation is to save as much as you can in the home buying process. Inspection rates can range from $350-$500 on average, and vary depending on the size of the home. However, this is NOT the place to skimp on costs. Inspectors are highly trained at spotting any defects in a home and can also help educate you on maintaining the home you have your eye on. Often times what an inspector finds ends up saving you hundreds to thousands of dollars or helps you to avoid buying a money pit altogether.
Having a home inspection done is also smart business. Often times defects that are found can give you negotiating power on having repairs done before closing and can help you to avoid costly future repairs down the road.
3. They count their equity chickens before they hatch.
Buy a house to live in and call home.
Although buying a home can be a good investment, it is important to temper that idea with the fact that many unforeseen things can happen to you as a home owner. From leaks to natural disasters, things come up that can eat into your home’s equity.
It is true that many a homeowner has used their equity quite effectively, but it is also true that sometimes homeowners have gotten burned due to unrealistic expectations.
As you look at buying your first home it’s paramount that you do not count your equity chickens before they hatch. Find a house you can call home, take good care of it, but don’t dump every last penny you have into it. Be wise and you will see fruit. Most of all, enjoy your home and make it a sanctuary from the every day….that will be priceless.
– – – – – – – – –
With many years of experience under my belt I love to help first-time home buyers navigate the sometimes rocky waters of buying their first home. In fact, I am passionate about finding a home that is just right for you. Drop me a line, let’s get together over a cup of coffee, and begin this adventure together.