Buying your first home can be both stressful and exciting, and it certainly comes with many major decisions. It’s easy to get carried away in the whirlwind of home shopping, which could allow you to make mistakes and leave you with buyer’s remorse. Here are some first-time homebuyer mistakes to avoid.
1. Looking for a home before you apply for a mortgage
Don’t make the mistake of checking out homes before seeing a mortgage lender for a pre-approval. This will waste your time, the seller’s time and your agent’s time. In a competitive market, you may very well lose a property if you haven’t been preapproved for a mortgage. Get ahead of the game by being preapproved; that way, if you see your dream house come on the market, you can pounce with confidence.
2. Buying more than you can afford
It’s easier than you think to fall head over heels in love with a home that stretches your budget to its breaking point. It’s never wise to overextend yourself. This puts you at a high risk of losing your home if tough financial times hit later. Plus, you won’t have as much wiggle room in your monthly budget for other expenses and bills.
3. Moving too fast
Buying a home is a complex process, and rushing it may cost you later on. You may be unable to save enough for closing costs and a down payment, fix line items on your credit report, or have a clear head to make wise, informed decisions.
4. Choosing a house over the neighborhood
You may be blown away with the appearance and curb appeal of a particular home, but don’t be blind when it comes to the neighborhood. Choosing the right town and neighborhood is vital to your life and family development. Make sure the culture and values of the area gel with yours. It’s always possible to trade up or down later for a new home, add another bathroom or renovate the basement. You can’t pick your neighbors.
5. Making a decision based on emotion
Buying a house is a huge life milestone, and it’s easy to get attached and start making emotional decisions. Remember that this is one of the biggest investments of your life. Emotional decisions often times lead to overpaying for the home you love and stretching your budget beyond what you feel comfortable with.
6. Waiting for the “unicorn”
Unicorns don’t exist in real life and they don’t exist in real estate. Finding the perfect property is sort of like trying to find a needle in a haystack. When you search for perfection, you narrow your choices down too much, which means you could be passing over good contenders in the hopes that perhaps a better house will come along. Don’t sabotage your search with this kind of thinking. Keep an open mind and remember you will have to make some concessions on the home you ultimately decide on.
Contact Berkshire Hathaway Premier Properties for Expert Help for First Time Buyers
For more tips on the home buying process, contact Berkshire Hathaway Premier Properties today at 832-626-4889.