We all make mistakes the first time we do something, but those mistakes can be critical for first-time home buyers. These errors are hard to backpedal out of and they can end up costing you thousands of dollars. In the hopes that you won’t fall into one of these mistakes, here are some tips to help you navigate your way through the process.
Over Scheduling
When you are in the market for a new home one of the worst things you can do is try to go full speed ahead. If you schedule 18 showings in one week what do you expect to remember from each house? It is very easy to get confused on what kitchen went with what house or what master bedroom went with what master bathroom. Eventually, the houses start fusing together. The best thing to do is schedule out 3-4 showings max a week and decide which ones are in the running to be your next home.
The Wrong Price
Speed is going to be a common theme throughout, but if you find the home of your dreams don’t be discouraged from negotiating the price a little bit. Many first- time home buyers are over eager to get into their new home and immediately offer up the asking price when there was room for negotiation. Also if the inspector points out some issues that the homeowner is willing to fix, let them. Do not skip that step it can end up saving you thousands. If you are a seller’s single offer, know full well that you have the advantage on the price and terms all the way to repairs the seller should make.
Counting Your Chickens
Buying a home that seems perfect now, may not be a few years down the road. So buy a house that you can grow into, especially if you are considering having children. To avoid getting caught having to sell a home too quickly, think through what needs you are going to have over the next 5 to 10 years and make sure those requirements are met.
Not Up To Code
If you are buying an older home, do not jump the gun and be sure to get a home inspection. Most home buyers don’t take the home inspection seriously enough, but they really should. Accompany your inspector on his rounds so you can see firsthand any flaws because it is much easier than looking at the paperwork he will send you later. The last thing you want to discover is a plumbing, foundation, electrical, or roof issue that will cost you thousands of dollars to fix because you skipped the home inspection.
Becoming A Landlord
A good way to offset some of you mortgage costs is to rent out some space in your house. However, for many first-time home buyers, this seems like a good idea but turns out to be a nightmare. Not everyone is cut out to be a landlord and you should consider hiring a property manager to take away some of that stress if you are serious about renting out your property.
