Buying your first home can be stressful, which is why there are many common errors first time home buyers make. In order to prevent these mistakes, check out a few DOs and DON’Ts for first time home buyers.
Identify Your Top Priorities. When searching for a home, it’s important to identify your essential wants and needs. Creating a sequenced list of your desires will help you and your agent find exactly what you’re looking for. For example, if your number one desire is having a big backyard, and one of your last desires is having a finished basement, your agent can prioritize the yard first when looking at homes on the market.
Find the Right Real Estate Agent. Your relationship with your agent is one of the most important aspects when buying a home, as they are the ones who will be with you every step of the way. Before choosing your real estate agent, it’s important to get recommendations from family and friends. If your coming up short, make sure to do research online.
Know Your Finance Situation. Knowing where you stand financially is crucial when choosing your home, as it will allow your agent to find homes in your comfort zone. Having a good credit score and possibly a pre- approved loan will put you at the top of the list for sellers when making an offer.
Put an Offer In on the First Home You See. One of the biggest mistakes first time home buyers make is falling in love with the first house they tour. It’s okay if you end up choosing the first home you visit, but not before looking at others. There’s many different houses in many different locations, and not giving another a chance may hurt you in the long run.
Pay Too Much Attention to Decoration. A lot of times, buyers choose to pay attention to paint colors and furniture versus the house as a whole. It’s important to remember that the furniture along with paint colors are temporary. In order to give a house a chance, you must imagine it as just an object with empty boxes. Ask yourself: Do I like the layout of this home? Are there things that can be easily renovated or is it just too much work?
Skip the Home Inspection. Last, but not least, many first time buyers fall in love with homes they put offers in. In order to speed up the process, they skip the home inspection step and move straight to the buying process. This is a huge DON’T as you never know what a home has in store and you could end up paying a huge price in the future.