Buying your first home can be an exciting but also stressful process. It’s important to make sure you are educated about the different steps before you jump in and buy a house. Mistakes can be costly, and you want to ensure that you avoid as many of them as possible.
Mistakes happen to everyone, whether they’re new home buyers or seasoned pros. Mistakes that you should avoid if you want your experience to go as smoothly as possible.
In this blog post, we discuss some of the common mistakes new home buyers make.
Don’t rush your decision.
This is a mistake many people make! If you are looking for the perfect home, it might take time to find one that suits all of your needs and fits in with what you can afford. You will most likely be taking out a loan, so try not to commit too quickly or overpay because of pressure from family members or friends.
Not hiring a realtor.
There are many benefits to using a realtor because they have the expertise and experience you need when buying your first home. They know where the best areas are that fit in with what you’re looking for, as well as knowing how much houses should cost within those neighborhoods.
Use an experienced agent who will help guide you during this process. Don’t forget to ask friends and family if there’s someone they would recommend or trust.
Be pre-approved before house hunting starts.
This is another mistake people make by not being prepared enough before searching for a new home. Mistakes like this can be costly, and you should avoid them at all costs.
If you don’t get pre-approved before house hunting starts, then the home of your dreams may slip through your fingers because you didn’t have enough money to buy it in the first place. It is so important to set yourself up for success by being prepared from day one.
Know your budget.
It’s critical to know exactly what you can afford before buying a home. Otherwise, it will be very easy for an agent or lender to take advantage of this information by pushing homes that are out of your price range.
Mistakes like this could cost you not only the house but also the next several years’ worth of mortgage payments. Know exactly how much money you have available each month and make sure that not too many expenses will get in the way when making decisions about purchasing a home.
Know your priorities before visiting homes with an agent.
If you are working with an agent, make sure they understand exactly what features are most important to you during their tour. Mistakes like this could waste time on houses that aren’t perfect matches, which means less time viewing properties that might perfectly suit your needs.
Using the right realtor makes all the difference when house hunting, so make sure you are specific with what you need and want during this process. Don’t forget to follow up on everything that was discussed or needed after seeing a home.
Do not be over-anxious.
This is another mistake new home buyers often make because they are eager to get their hands on their dream property finally. Mistakes like these can cause confusion and problems down the line, which means more time fixing things instead of moving in and enjoying your new space.
If anything needs to be done before closing, such as repairs, don’t assume it. It won’t happen automatically without following up yourself since everyone involved has busy schedules, leading them to forget about important details in between visits. Make sure concerns or questions have been addressed in detail.
Don’t forget about fees such as mortgage insurance and HOA
There is more to owning a home then just paying the monthly mortgage rate and utility bills. Often new home owners aren’t prepared for the additional hidden fees that come with home ownership. There are ways around paying premium prices on mortgage insurance, such as doing a large 40% down payment. However unless you have a large amount of savings this isn’t always possible, in which case you will want to look into refinancing your home in the future after you have paid off 40% of the house, in order to get rid of the mortgage insurance.
Paying more than you can afford for the mortgage.
Another mistake that new home buyers often make is not to pay close attention to the monthly payment for their mortgage. Mistakes like these can lead to financial struggles because of high interest rates, making less money each month on your actual purchase price.
It’s important to be realistic about what you are buying and how much it will cost per month, so always double-check before signing anything related to financing or taking out a loan.
Be aware of any hidden fees at closing time.
Not being prepared enough could mean more expenses in closing costs than expected if certain things go wrong during this process. A mistake like this may only cause problems later on, which means having another conversation about finances.
If you are working with a realtor, don’t forget to ask about any additional fees they may charge or anything that is not included in the cost of the home itself.
Use a certified home inspector
This is another mistake new home buyers make because they don’t have enough experience with houses yet. There are certain things they might miss during inspections, which means more costs down the line if something major needs to be fixed.
It’s important to have a knowledgeable inspector who can find these mistakes so you don’t end up regretting the purchase of your dream home. Buying a home without proper inspection may cost way too much money in repairs or renovations.
Call GMG Inspections for home inspection services in New York.
At GMG Inspections, we dedicate ourselves to helping new home buyers make the right decision before committing to any purchase. We pride ourselves on quality home inspection services in New York. Call us today, and we will help you identify any problems with the home that could need major renovation or repair.