Avoid these first time homebuyer common mistakes

Buying a home for the first time can be overwhelming. I’ve pulled together some of the common mistakes first-time home buyers make. Learn from them, and you may have a smoother home buying process!

• Forgetting About Costs:

Your mortgage will not be the only cost when it comes to buying a home. Smaller costs like property insurance, taxes, electric and water bills, and other fees may start to pile up. Before buying a house, you need to look further into your savings to figure out if you can pay for all of these additional charges.

• Looking for a Home Before the Loan:

Once you find a house and decide to buy it, you don’t want to spend time wondering if you can afford it. Knowing your budget will make the process more efficient. Once you decide it’s time to buy a home, get preapproved for a loan because there could be some discrepancies in your credit report that are discovered or you could be approved for more or less than you thought! The type of loan you are approved for can often dictate what kind of house or condo you are able to buy as well.

• Being Too Picky:

There’s NOTHING wrong with knowing what you want when it comes to buying a home. But if your “must-have” list get too long and too specific, you may end up looking for your perfect house for a very long time. Remember that you can make changes once you move in! It’s wise to take the time to figure out what you really need versus what you want. 

• Lacking Vision:

Some of the open houses you attend may not look move-in ready but plenty of homes have hidden potential. Try to look past the 70’s shag rugs and lava lamps. Imagine what the home will look like after you’ve moved in with all of your own belongings, or try to envision the structure of the home without the stuff inside it. This will be an important skill, especially if you’re looking to buy a fixer-upper as your first home.

• Ignoring the Future: 

If you plan on living in this house for a long time, you may want to think ahead. You may decide to have kids in a few years, and then you’ll have to worry about another set of questions. Will there be enough bedrooms? Is the house located in a good school district? Check out the towns website for tax rate, trash/recycle rules, etc. I always find some valuable information for every town!