How To Avoid First Time Home Buyer Mistakes

Ah, the profound joy of buying your first home. Everything that’s a first in your life carries a sense of accomplishment like no other. Like a bite of decadent chocolate, it tastes so sweet! Take that great first time home buyer feeling with you and make it last by avoiding these mistakes that might cost you hard-earned money and might be irreversible when committed.

  1. Fall in love. Like head over heels with the home you want to buy which means any doubt you have in mind must not be set aside. Make a list of features and benefits that you have in mind for an ideal home.
  2. Buy a home not a house. As the song says “A house is not a home.”
  3. Go click your mouse and surf the Internet for homes. This way, you already have a list of homes you would want to check out the moment you go home hunting.
  4. Stick within your budget including planning your long-term mortgage payments. There’s nothing scarier than defaulting on your mortgage payments and losing your home on a short sale.
  5. Alluding to item #1, do not hesitate to ask questions from your real estate lawyer or agent. Make sure that your questions, even the silliest ones, are answered to your satisfaction. In the same manner, work with a reputable real estate lawyer and agent. Your agent should be able to work within the parameters of your requirements for an ideal home. In the same manner, he should be able to point out the pros and cons of the home you’re checking out.
  6. When in doubt, back out. Do not be afraid of backing out of a transaction. Your real estate agent lawyer or agent can help you with your anxiety and will advise you if your reasons are valid for canceling a transaction. When there is a need to cancel, you should also be able to get your money back.
  7. Do not let anyone do the house hunting for you. Do not let you anyone choose your home for you. This responsibility is on your plate alone. It’s best to be hands-on from Day 1.
  8. If you’re financing your home using a loan application, make sure you do not make big purchases on credit before finalizing your transaction. You might lose the opportunity of owning a home if your credit ratio goes downhill from a big purchase.
  9. Location, location, location. Your first home must bring you a feeling of accomplishment and a sense of security and comfort so choose a modest and safe neighborhood.
  10. It’s true that it takes time to find a home but a serious home-buyer gets to find one in two weeks’ time. If you go beyond this period then you might not be as motivated as you think.
  11. Do not cut the experience short. Finish looking at all the homes in your list before making an informed decision with your real estate lawyer and agent.
  12. As a first time buyer, it would bode you well to make time for home hunting. For this, draw up a schedule and stick to it. A schedule also dispels any propensity for rushing or squeezing time during your lunch hour. This is your first home so make it a priority.
  13. Document it. Bring your camera, take notes and rate each home on a scale of 1 to 10. It will be easier to reach a decision if you properly document each home you visit.
  14. So you’ve made a decision? Hold that thought. There might something you’ve overlooked the first time you saw “it”, so ask to see the home again before really making the final decision.


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