The Biggest Mistakes that First-Time Homebuyers Make
It’s almost inevitable for first-time homebuyers to make mistakes during the buying process. After all, there are a lot of moving parts to consider and there are a lot of online resources offering pieces of advice which frequently contradict each other. Here are some of the biggest first-time homebuyer pitfalls that you should avoid.
Not knowing what you can afford
Many first-time homebuyers get caught up in researching the “exciting” aspects of the homebuying process – things like kitchen amenities, floor plans, and the square footage of backyards. And while these things are certainly important, as a first-time homebuyer you need to make sure you dedicate time to researching financing options. So, go to talk to a qualified lender and get yourself pre-approved for a mortgage. If you don’t do this first, you might end up falling in love with a home that you can’t afford.
Picking the wrong neighborhood
As mentioned above, first-time homebuyers often get caught up in details that pertain to the actual, physical homes they’re looking at. Equally important, however, is where a home is located. If you’re a young, active couple that’s prone to throwing parties, the quiet neighborhood made up primarily of older folks probably isn’t the place for you. So when looking at homes, make sure to pay attention to neighborhoods. Ask yourself, “Where’s the nearest coffee shop?”, “Are there lots of people jogging and walking pets?,” and so on. By picking a neighborhood that’s tailored to your lifestyle, you’ll have a much more enjoyable home-owning experience.
Not calculating expenses
You did it! You found the perfect house in the perfect neighborhood and – best of all – it’s in your price range…or is it? There are many additional expenses associated with owning a home that first-time buyers often overlook. These include property taxes, maintenance work, and utility bills. So, before you commit to a property, make sure you account for such expenses as they could surprise you in the future.