For many first time home buyers, purchasing a home can be overwhelming. There is a lot to think about and many options to choose from. As a result, it’s common to overlook some parts of the process or simply not be aware of what you should be looking out for.

This is a big decision. If you are thinking about buying your first home, make sure you avoid these common mistakes many first time buyers make.

 

Not Figuring Out The Finances

It may seem obvious that you need to consider your budget before you purchase a home, but many first time home buyers tend to overlook many of the extra costs involved in the process. There are taxes, insurance, mortgage payments, and lawyer fees, to name a few. Your budget should account for those costs as well as any unexpected situations that may come up along the way.

 

Being Unwilling to Compromise

When you are working with a specific budget, the reality is that you may not be able to find a home that meets everything on your dream home list. It’s important to know which areas on that list you’re willing to compromise and which aspects are your must-haves. If you aren’t willing to compromise, it could become very difficult to find the home that’s right for you. Additionally, you could end up looking at many homes that are well out of your price point and lusting after them or becoming tempted to overstretch your limitations.

 

Skipping a Thorough Inspection

A home inspection is an essential component when you are buying a home, whether this is your first time or your fifth. There are many parts of a home that you may not see right away, such as water damage or rusty pipes, that a trained inspector will check for. Doing this allows you to be prepared and aware of potential costs that may come up in the future.

 

Going For A Fixer Upper Because It’s Cheaper

You may think that buying a fixer upper is a good idea because you can pay less for the home and then save more money doing the renovations yourself. However, it doesn’t always work like that. Doing renovations yourself requires a lot of time, and in most cases, a lot of money, and you need to consider whether those costs are going to balance out what you would have paid for a different home.

 

Not Being Truly Ready

Knowing when to buy a house is an important step in the home buying process. If you aren’t truly ready, you could end up making a decision that you will regret later on. Go through your situation and ask yourself some important questions. Are you financially ready? Do you plan on staying in the same location for the next few years? The more comfortable you feel, the easier the process will be for you.

One of the best things you can do is work with an experienced real estate agent who will make sure you are making the right decision. Get in touch with us and we’ll make sure you have all of your bases covered when buying your first home.