Are you getting ready to buy your first home? House hunting is an experience that can be exciting and exhausting at the same time. If you are looking to make this process as smooth as possible it is important to be prepared and to surround yourself with experienced professionals that will guide you on the right path. Unfortunately, too many people will make mistakes that will prevent them from achieving their real estate dreams. At the end of the day It is important that you make sure to not overlook some important details and avoid making any of these five common mistakes.
1- Don’t wait on the “perfect” rate
Interest rates should not be the primary factor that determines when you are ready to purchase a home. For most buyers, other factors such as financial readiness and the length of time you plan on staying in your home, are much more important. Plus, keep in mind that small changes in interest rates don’t make large changes in your payment.
2- Don’t think short term
One extremely important thing to think about when you buy a home is its resale value. Undeniably, it is easy to get carried away during your home search and ignore some important information about the neighborhoods you are interested in and future developments in the area. As a first time homebuyer you might not want to think about selling your home but you should always buy with the idea that you can easily resell it should your plans change in five years.
3- Don’t make an emotional decision
While the decision of buying a home in which you will want to live in with your family is a matter of personal preference, you still have to separate the emotions from the decision. You are aiming to make an smart investment which is why it is important to keep an open mind and do your homework. As your real estate professionals we will counsel you and make sure you are making a well thought investment, not an emotionally driven purchase.
4- Don’t be too picky
We always encourage our client to create a wish list of everything they are looking to have in their dream home. Nonetheless, if you don’t want to be renting for significantly longer than you really want to make sure you have some flexibility over your decision. First-time homebuyers often have to compromise on some things when house hunting.
5- Don’t ignore hidden costs
Unfortunately not all of the costs associated with homeownership are reflected in the listing price. Beyond your monthly mortgage payment, you have to consider the cost of house maintenance, utilities and property taxes. If you are buying an older home, you may end up needing money to cover the cost of repairs and renovations. As your realtor we are the best resource for this type of information and will be happy to walk you through everything.