First-time homebuyers, I have a few tips on how they can avoid the most common mistakes first-time homebuyers make!
You Think You Don’t Need a Real Estate Agent, think again!
If you want to buy a house on your own, there are still many aspects of the process that can be confusing for a first-time buyer. Dealing with offers, inspections, financing, and other details should be handled by your agent. A botched offer or overlooked repair can quickly eat up the money you would have saved on commission.
Choosing The First Realtor You Find? NO!
Having the wrong real estate agent is just as dangerous as not having one at all. It wouldn’t be a good idea to get halfway through house-hunting before realizing your real estate agent isn’t the right choice. The best way to find an agent is to ask a friend or family member for recommendations. As your mortgage professional, I would be happy to provide some referrals if you’re stuck or looking for more options.
Do Your homework, before You fall in love with a home!
Is this You first time? In terms of your first home, it’s important to conduct proper inspections, compare budgets, and plan for the future. Should always keep an open mind when looking at houses that appear to be love at first sight. You might go over your budget too quickly or overlook a potential pitfall if you jump into something too soon.
Make sure you have affordability dealt with!
This is one of the most common mistakes that first-time homebuyers can run into, but it is imperative to truly consider your budget to ensure your future financial security. Of course, you don’t want to sacrifice retirement savings, an emergency fund, or a potential holiday for mortgage payments. However, you need to stay nimble to life’s changes, and overextending yourself could put your investments—including your house—on the line.
Fixating on the Lowest Interest Rate
A reasonable interest rate is essential, but not at the expense of heavy restrictions and penalties. Make a solid long-term plan to pay off your mortgage, and then find one that’s flexible enough to accommodate life changes, both planned and unexpected. I would be happy to discuss all of your mortgage options with you to ensure that you get the best overall mortgage product at an affordable rate that suits YOU!
Choosing a Fixer-Upper Simply for the Cheaper Listing Price
An old character home may possess a lot of potential, but the inspection process must be performed with utmost care. Getting your house where it needs to be will cost you how much? You can get estimates from contractors if you need to back out of the deal by negotiating a long due-diligence period. First time home Buyer or experienced one, You should take expert advice!
Is it smart to renovate immediately?
It is important not to rush into things, regardless of whether you are buying a fixer-upper or updating your new house. Remodeling may increase the value of your home, but overextending your credit to complete your upgrades quickly may not always be a wise decision. Ensure your plans are sound and make the right financial decisions beforehand. It will also be easier to plan the best functional changes to your home’s layout if you live in it for a while before renovating.
Not Researching the Neighborhood
Your dream house may be the one you’ve always wanted, but annoying neighbours or an industrial zone nearby can put a damper on your happiness. Consider the pros and cons of relocating to the area prior to making an offer. Talk to local residents and business owners to get their insights into the area.
Opting Out of Mortgage Insurance
First time home Buyer? You must protect your largest investment, your home. The benefits of mortgage insurance extend to more flexible financing options as well as peace of mind. Furthermore, you can use it to pay down debt or make financial investments by taking advantage of available equity. Get expert advice, referrals and mortgage solutions that are right for you now if you are ready to look for your first home!