First-time purchasing a home is big deal and can be very overwhelming. In this week’s blog, we will explore some common mistakes and concerns of first-time home buyers.
Most common mistakes made usually have to do with lending or not fully understanding the home buying process.
When you’re buying a home, you should always interview a few lenders to discuss fees, and rates and get a feeling if you feel comfortable with them. You should also make sure you know the amount you’re getting approved for before you start the process of looking for a home. Nothing is more disappointing than looking at all these wonderful dream homes and then being told you aren’t anywhere near being able to afford them. You also don’t want to buy at the very top of your budget, good lenders can help you understand what amount you can afford monthly and what price home is best suited for you which is another reason to make sure you are choosing the best lender for you. When purchasing your first home you should make sure you pick the right home, so take your realtor to as many properties as necessary until you find the best fit and understand also that you might be putting in a few different offers until one is accepted. Another mistake is not fully understanding the cost of buying a home. There are down payments, inspections, closing costs, and more. Working with the right lender is important because the right lender will help you understand what you will be paying for and how much you need to have saved up to purchase the home.
Common concerns from first-time home buyers are mostly financial. Are you ready to purchase your first home? That is a big question owning a home is a big responsibility and does come with its own pros and cons. You should make sure you are financially able to afford the home and have a little extra saved up in case you need to make any future repairs. Can I find a home within my budget? This is why working with the right professionals is very important, the right lender for you and the right agent can help you find a nice home within your budget. Your lender and your agent will work together to understand your loan, your budget, and exactly what you can and cannot afford. With this market am I overpaying for my new home? This question also is why it is important to work with a professional. Our job as a real estate agent is to help you through this process, we will be able to show you exactly how much a home is really worth and be able to make sure you aren’t buying a home that is way overpriced. What if I find a serious issue after purchasing my home? Most of these concerns are all handled by hiring the right professionals. When you purchase a home with a loan you will need to have the home inspected for any serious issues before the bank will issue the loan. You can talk to the home inspector and find any issues they found and talk through the possible repairs.