It can seem difficult to navigate the waters as first-time homebuyers. There are decisions to be made at every turn and the entire process can quickly become overwhelming.
To help first-time homebuyers find their stride, be sure to avoid these five common mistakes.
Rushing into Making a Decision
Buyers who are in a hurry to purchase often look at multiple houses on the same day. And, buyers who are moving to a new location usually try to choose a house in a single weekend.
While there are some extreme cases where it is necessary to choose a house quickly, it is not the best way for most first-time homebuyers to operate. Purchasing a house is a big decision and one that shouldn’t be rushed. The last thing you want is to end up regretting the house you are living in day after day.
Paying Too Much
When you find the house that you can picture yourself living in you don’t want to risk losing it. This fear can cause many first-time homebuyers to pay too much for a house.
If you are not in the situation of a bidding war you typically shouldn’t offer the full asking price. If it is a seller’s market, you might consider making a strong offer, but if that is not the case, then don’t risk overpaying.
Not Thinking About the Future
If you are in the position that you will be getting married, or possibly having children, carefully consider if the house is right for you. Many first-time homebuyers purchase a house that they quickly outgrow. You don’t want to be in a situation where you need to sell your house quickly after you buy it because it is just too small.
The same is true on the flip side as well. If your children are getting ready to head to college you might not want to buy the large house with all the extra room.
Not Taking the Home Inspection Seriously
There is a reason why it is advised that homeowners have a home inspection before purchasing a house; however many homebuyers do not take it serious. Even when the inspection turns up some issues the buyers allows their emotions to take control and they decide to buy the house anyway. This can lead you to major buyer’s remorse when you run into problems down the road.
Becoming a Landlord at the Same Time
Who doesn’t like the idea of someone else paying for part of their mortgage? This type of thinking encourages some first-time homebuyers to purchase multi-family homes where they can live in one side and rent out the other. This sounds like a good idea, but being a landlord is more work and takes more money than most people account for.
Being first-time homebuyers is hard enough. There are many steps that you need to follow, and it can be hard to get used to the work that comes with owning a home. Avoid these five simple mistakes to make your process as easy as possible.