Contemplating buying your first home can be stressful. With so many things to consider and decide on, where do you start and what obstacles may you face along the way? Here are a couple of pitfalls you should try to avoid if you are a first-time home buyer.
Not Visiting Enough Properties Before Deciding to Buy
One mistake you should never make is purchasing a house on a whim. This is not one of those decisions you get to be spontaneous about. Think about it from the perspective of making any random purchase e.g. buying clothes. You’d probably try out three to four shirts before picking the best when shopping. If you’d do that for a minor purchase, then it’s perfectly logical to go through at least 20 properties before settling on the best house to buy! The good thing about checking out several properties is that it gives you better insight about different types of homes, the neighborhood you want to settle in and what amenties best fit your lifestyle that each listing offers. Of course, if you fall in love with one of the first homes you see, don’t lose out on it because you are worried you are making a decision too quick. If it’s your dream house…go for it!
Working with a Rookie Real Estate Agent Because He’s Your Friend or Relative
This is not the time to help out your cousin who just qualified as a real estate agent last year. When you realize that the house you buy will be one of the most important assets of your life, you know that you should work with only the best local real estate agent you can find! Finding an experienced real estate professionals might take some more research, but with a little bit of patience you’ll figure out who the best agent is for the job.
Financial Missteps
Before you consider buying a house, you need to check how much mortgage you can afford and also learn about the hidden costs of buying a home. This way, you’ll be able to tailor your search towards houses that are within your budget instead of wasting valuable time visiting properties you can’t afford. Also never underestimate the closing costs and use a reliable closing cost calculator to not be surprised by a huge closing costs, which can be 2-4 percent of your home price. There also the regular homeownership costs after you get your home – you don’t want to buy a home and then find out you can’t afford the monthly mortgage payments, let alone your maintenance fees and property taxes. It’s a good idea to check your future monthly mortgage payment by using an accurate mortgage payment calculator as well as check your annual property tax.
Not Giving it Enough Time
Setting aside enough time to process all the important aspects of buying a house is one of the wisest things a home buyer can do. Because the buying process is time consuming, the time interval between when you start looking and when you close on a house can be as long as five to six months. This is essential if you want to find the right property. Also remember that it usually takes between two and three months after putting out an offer for you to close in on a property.
Choosing the Wrong Property Type
Buying a house should never be based solely on emotions. You need to purchase a solid property type which can serve your needs for at least the next three years. This is one decision that’s solely yours, as you are the only one who knows the right property type that would serve your and your family’s needs properly. For instance, if you have a couple of kids, or you plan to have more kids within a short time span, a small condo apartment would not be the best option for you. Instead, you would need to consider detached homes with more space and freedom for your kids to play in. Live with grandparents who find it difficult to climb the stairs? You’ll need to look out for properties that are easily accessible from the ground floor. Practicality should be the bedrock of your decision making when buying a house.
Making Your Decision
Ultimately, it’s up to you to choose what kind of house would best serve you over the next couple of years. If you choose to be a rational buyer, you would belong to the class of satisfied buyers who have bought the right kind of property. This is the best place to be!
