1. Don't buy a home you cannot afford. This may sound like common sense but many first time homebuyers get out of their league when they don't understand that just because you may be pre-approved for a certain amount, it doesn't mean you can afford it. While it is easy to get caught up when looking at many different homes, don't forget that you will need to factor in expenses like taxes, insurance, maintenance and repairs on top of the mortgage payment.
2.Â Skipping the home inspection. It is vital to your investment to make sure to have the home inspected by aÂ professionalÂ before signing anything.Â By skipping this you are at risk for potential problems in the home that can cost you thousands.Â If the inspector does find any issues you can use that as leverage in your negotiations.
3.Don't assume that allÂ foreclosures are great deals. While it is true you can get some great deals out there on foreclosed homes, it is important to realize there are some downsides to look for as well.Â Remember that home values have dropped so you may not be getting the bargain you think with a foreclosure. Many foreclosed homes have also been sittingÂ vacant for a significant amount of time and that could result inÂ extensive renovation or repair. It is important to look at the costs of fixing up the property against the savings youâ€™ll likely reap by buying a lower-priced foreclosed home.
4. Not finding the right person to guide you through the home buying process.
Buying a home for the first time can be a confusing, exciting and
frustrating experience all at the same time. It is vital that you find
someone you feel comfortable with to help you with your search and
ultimately guide you through the entire process. Finding the right person
can save you time and headaches by matching your needs and goals not
only with the right properties but with the right mortgage
Buying your first home should be a wonderful experience, but it is also a major one so as with any big decison do your research and don't be shy-ask questions! Take your time to find what you really want and don'r rush. Take advantage that it is a buyers market!