First-Time Home Buyers, Are You Making These 7 Mistakes?
Buying a home can be intimidating for anyone, but especially for first-time buyers. If you are wanting to purchase your first home, make sure you aren't making these 7 costly mistakes!
Don't underestimate (or forget about) the additional costs. Buying a home includes a list of expenses on top of the price of the house itself. There are loan application costs, mortgage insurance, closing costs, and more. You may also need to renovate once you move in. Pro tip: a fourth (or better, half) of the price of your home should be stashed in your account in order to cover for these expenses.
Failing to work with a buyer's agent can cost you. Getting an agent who will represent you as a buyer could give a more citical eye to details and transactions than working solely with the seller's agent who is legally obligated to work for their client's interests. If you are looking for an agent, Urban Cool ICT is here to help. We have a team of experienced agents and client care specialists who can help you find your dream home. Let us know if you have any questions.
Sometimes a home's price really is too good to be true. These advertised low rates are all over the internet, and online home valuation sites can set unrealistic price expectations. It's good to have an experienced real estate agent explain the rationale on market prices through a conducted comparative analysis based on internal industry data.
Make sure you get to know the neighborhood, too. You may have found your dream home, but it doesn't exist in a bubble. It's best to know about the status of the location of the home in relation to transportation, crime level, natural disasters, schools, hospitals, police stations, etc.
It's a great idea to know how much you can actually spend on a home before you start looking. Getting pre-approved for a mortgage plan requires a professional evaluation of your credit report and credit score, which will tell you where you stand with your finances in terms of how much can be lent to you and how much you can afford to regularly pay. Our in-house lender can help you with this.
Skipping a home inspection can come back to bite you. A home can look like it's in perfect shape, but it's possible it has some defects you didn't notice A certified home inspector with a trained eye can spot problems which you could miss, like termite infestations and gas leaks. If significant issues are found, you may be able to negotiate a lower price with the seller. We recommend Roger Laughary at Central Home Inspections LLC or Erik Maybee at Maybee Property Inspection.
Remember that a home is a long-term investment. It may be appealing to own a nice home, but there is a lot to consider before buying. Ask yourself if you can see yourself staying and working in that location for more than three years and if your family can live a peaceful, thiving life in the neighborhood. If the answer is no, you might want to reconsider spending the time and money to buy the home.
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If you have any questions, please reach out and we will do our best to help!
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