How To Avoid These 7 Mistakes Made by First-Time Home Buyers

Many first-time home buyers are extremely eager to stop renting and get into a home of their own. Unfortunately, that means that they often make mistakes that can lead to an extremely negative outcome. Rushing to get into a new home or simply not knowing the system well enough can lead to a number of key mistakes.

1. Skipping the home inspection.

The home looks great. It’s just like new. A visual inspection didn’t show any problems, and it’s the right price. Unfortunately, skipping the inspection can mean failing to discover serious problems with the house until after it’s already yours.

2. Not knowing your credit score.

Your credit score can have a huge impact on the home you’re able to buy. It will impact the loan you’re able to get, your payments, and more. Take the time to check your credit before you try to get approved for a loan.

3. Not getting pre-approved.

Pre-approval will give you a better idea of what you can expect when you’re ready to get that final loan. It will also help the entire home-buying process move smoother.

4. Failing to budget for the expenses of home ownership.

When you own a home, you’re the one responsible for upkeep. You’ll need to factor in lawn care, pest control, insurance, repairs, and more. If your budget doesn’t include those items, you may quickly find yourself in over your head!

5. Skipping your research into down payment options.

You have several options when it comes to a down payment. While bigger is often better, you may also find that saving a little of your down payment money will ultimately be more beneficial for you.

6. Focusing too much on interest rates.

Interest rates are one important factor, but make sure you do all of your research into your mortgage lender before you decide on the one that’s right for you.

7. Forgetting about closing costs.

Make sure you know who will be responsible for closing costs when you buy a house–not to mention being sure of what you can afford to pay! Forgetting this key item can quickly blow your budget.

If you want to be a savvy home buyer, avoiding these mistakes is critical. You want to be sure that you’re able to successfully navigate the process of buying your new home.

Doing your research and being appropriately prepared is crucial to a great home-buying experience. So, are you ready to take the next step? Be sure to download our Home Buyers Guide, it is filled with information and tips that you must know. And contact us to schedule a consultation and get ready to be a homeowner!

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