Three Mistakes to Avoid as a First Time Homebuyer
May 22 2019 Posted by Guriqbal Chahal, MBA, PMP
Purchasing your first home is always an exciting life milestone. However, if you want to make a smooth and easy transition into home ownership, there are a few mistakes you should try to avoid along the way, such as:
Not Shopping around for a Lender
When trying to purchase your first home, the simple act of being pre-approved for a mortgage can be a huge relief. However, it is rarely a good idea to finalize your mortgage with the first lender who pre-approves you. Instead, you should try to shop around with multiple lenders to see who can offer you the best rates and lowest closing costs. Failing to do so could end up costing you thousands of dollars in the long-run.
Failing to Consider the Neighborhood
The house you just saw may be your dream home, but what about the neighborhood? The property's surroundings often have an effect on the quality of life you will enjoy in your new home - so you would be well advised to learn as much about it as you possibly can. After all, the last thing you want to do is make a long-term commitment to a neighborhood you don't enjoy living in.
Ignoring Issues in the Home Inspection Report
When the seller accepts your offer on their home, it can be tempting to begin to think of the home as yours. However, thinking this way can lead to mistakes. In particular, when buyers begin to get too attached to a home, they tend to ignore issues brought up on the home inspection report. However, you should never be afraid to ask for concessions or even walk away from the home entirely if the inspection throws up something unexpected - even if you absolutely love the home in question.
If you attempt to rush the real estate purchasing process, you are likely to make mistakes similar to the ones outlined in this article. However, if you take your time and carefully consider all of your options, you will soon end up in the home of your dreams - without suffering any unnecessary financial damage along the way.