First-Time Home Buyers, Are You Making These 7 Mistakes?
It's easy to fall in love with your dream house (and the idea of finally buying one), and we all know that when you're as enamored as you are pressured to take a big leap, your judgment could be clouded. Remember that the stakes are high when you’re purchasing a house, so here’s a list of major mistakes you should avoid at all costs:
Buying a house entails a list of expenses other than the price of the house itself. There are loan application costs, mortgage insurance, and closing costs, to name just a few. You may also need to spend on several renovations once you move in. One tip: a fourth (or better, half) of the price of the house should be stashed in your account in order to cover these expenses.
Getting an agent who will represent you as a buyer could give a more critical eye to deals and transactions, as opposed to negotiating solely with a seller's agent who’s legally obligated to work for their client’s interests.
These advertised low rates are all over the internet, and online home valuation sites can set unrealistic payment expectations. It’s good to have an experienced real estate agent explain the rationale for market prices through a conducted comparative market analysis based on internal industry data.
You might have found the house of your dreams, but hey, it doesn’t exist in a bubble. It’s best to know about the status of the location of the house in terms of the ease of transport around the area, the crime level, presence of earthquake fault lines, proximity to schools, hospitals, and police stations, etc.
Getting pre-approved for a mortgage plan requires a professional evaluation of your credit report and credit score, which puts you in place in terms of your finances: how much could be lent to you, and how much you could afford to regularly pay.
A house could look like it’s in top shape, but it’s not impossible that it has some share of defects. A certified home inspector with a trained eye can spot problems that you could miss, like termite infestations and gas leaks. If significant issues are detected, you may negotiate with the buyer to lower the price.
It may be appealing to you to own a great house, but there are also a lot of things to consider. Ask yourself first if you could stay and work around that location for more than 3 years, and if your family could live a peaceful and thriving life in that neighborhood. If the answer is no, it would most likely be that you’re only throwing away your hard-earned money and effort.
Beyond aesthetics, driveways provide practical value that buyers appreciate.
Landscaping plays a major role in a home's appearance, value, and enjoyment.
One of the easiest ways to refresh a room is with a coat of paint.
This is the amount you pay upfront, usually a percentage of the home's purchase price.
As with the kitchen, the bathroom plays a huge role in making a good impression on home buyers.
Even if you’re not putting 20 percent down, we’re still talking about saving thousands of dollars.
Statistically, homes surrounded by offenders receive fewer and lower offers.
Do we want a move-in-ready home or a fixer-upper? Do we have time to tackle renovations?
As soon as you notice items you no longer use or enjoy, place them directly into the bag.
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