Buying a house for the first time is a very exciting step in life.
It is likely to be one of the biggest financial decisions that you make, so it’s very important to navigate the purchasing process wisely.
Many first-time home buyers make mistakes that bring on negative consequences and a lot of frustration.
Below are the 3 typical common mistakes that home buyers make, so you can learn from these missteps and avoid them yourself.
1. Buying More Than What You Can Truly Afford
Many people get carried away and want to buy a house that they can’t truly afford.
So before you go house hunting with your realtor, make sure you get pre-qualified with a mortgage lender.
But just because a lender says that you qualify for a certain amount doesn’t mean that you have to choose a house at the very top of this price range.
Remember that you will also have student loan payments, car payments, credit card bills, health insurance, groceries, retirement savings and other expenses.
At Equify Lending, our mortgage specialists we will go over your finances with you and make sure that your mortgage payments will comfortably fit within your budget.
2. Failing to Get a Home Inspection
Before buying a house, you should always have a professional inspection done. Not doing so is a big mistake.
You don’t want to get stuck with hidden damage that could saddle you with the expense of ongoing repairs.
Hiring a professional to assess the home’s condition is absolutely essential before making your final decision.
3. Disregarding Your Future
When you are buying a house, don’t just think about how the home will work for you in the immediate future.
Also consider what your needs will be 5, 10or even 20 years from now.
Find out the development plans for the neighborhood.
Look for reputable schools if you intend to start a family.
And consider whether the street’s home values are likely to increase or decline in the future.
Your Next Steps
Don’t let the home-buying process overwhelm you!
Learn from these common first-time homebuyers’ mistakes, so you can avoid them.
A great next step toward planning for your first home purchase is to consult with a trusted, licensed mortgage professional who is trained in providing the best advice on how a new home will affect your budget.