Buying your first home is a special moment. Unfortunately, this is also the time when many people make mistakes that could easily be avoided. The problem of making mistakes when you buy a home is that you'll probably have to live with that mistake for a long time. What are some of these mistakes that first time home buyers are likely to make?
1. Being Afraid to Pursue a Deal
New home buyers make the mistake of only looking at traditional properties. Houses for cash, foreclosures, and other arrangements can sometimes obscure an amazing deal. Just have a good agent to advise you on how to carry out one of these transactions successfully.
2. Not Doing an Inspection
You should never buy a home without having it inspected by a professional first. A house may look good as you're walking through it but certain problems may become apparent only after you've lived there for a while. A house may have old plumbing, a termite problem, a flooded basement, or many other problems.
Having the house inspected before you sign the paperwork will ensure these ugly surprises aren't lurking behind a beautiful façade.
3. Not Getting Preapproved
Imagine going through all the trouble of finding the ideal home only for the lender to tell you that you can't get the mortgage for it. This happens often since many buyers assume that being prequalified means that they'll get the mortgage.
However, when you're serious about buying a home what you need to do is to get preapproved. This process is more formal and involves a lot of paperwork and auditing of your financial situation. When you've been pre-approved, you'll have a realistic picture of what you can afford.
4. Not Factoring Additional Expenses
Homeownership may free you from the burden of paying rent, but it may also bring other expenses that you may not know about. There are monthly association fees for those investing in certain types of properties. You'll also have to pay insurance, maintenance, property taxes, and utility bills. All these expenses can stack up, making your home too expensive for you.
5. Paying with Your Heart and Not Your Mind
Falling in love with a particular house when looking at homes for sale can be a huge mistake. When you're making emotional decisions, you could easily pay more than you should or get locked in a bidding war. Be smart enough to realize when a house isn't worth what the seller is asking for.
6. Not Looking at What Other Lenders Have to Offer
A mortgage is something you'll be paying off for many years. If you settle for the first lender you come across, you could be missing out on better deals or worse.
For more information, contact a company like house distressed.