Are you thinking about buying your first home? This will be an exciting milestone in your life but also may be a bit intimidating. There is lots of information out there when it comes to buying a home and lots of different opinions from family and friends who may be helping you along the way! So much information can, at times, be overwhelming. That’s why I have compiled a list of some of the top mistakes first time home buyers make and how you can avoid them.
Not Finding Out What You Can Afford
Even if you go to the bank and get pre-approved make sure it is an amount that you, yourself feel comfortable with. Just because you are approved for $250,000 does not mean you have to spend that much. Tally up all your monthly expenses and even the yearly ones and go from there. If you don’t know how much you can afford you may end up looking at homes that are way out of your price range and may need to reconsider how much you have saved for a down payment or where you can cut out some monthly expenses to be able to afford your dream home.
Skipping a Home Inspection or Not Hiring a Professional
There are many expenses when it comes to buying a home and a home inspection should be one of them. If the house looks like it’s in good condition it can be tempting to pass on a home inspection, but you are probably only seeing half the picture. Make sure to hire a professional home inspector and get the full picture to avoid any surprises. Also, if you do find anything wrong with the house you may be able to negotiate a lower purchase price to help pay for the repairs.
Not Thinking About “Down the Road”
I know what you are probably thinking, you can’t predict the future right? This is true but you can do certain things to prepare for it, especially when it comes to buying a home. For example if you are thinking about having children, how busy is the road, where are the schools around your potential new home, can anything be built around your home in the near future that you may not like, is my backyard big enough? Thinking about aspects like this can save you some regret and disappointment in the future so make sure you are thinking ahead!
These are just 3 of some of the mistakes that can be easily made. Check back on my blog for more common mistakes and simple ways to avoid them!