Top 5 First Time Home Buyer Mistakes

Buying a house for the first time can be very exciting indeed. However, buying a home - first time or not - requires a lot of research and preparation, and it’s imperative to avoid first time home buyer mistakes if you want this milestone in your life to NOT have a sour note.

First Time Home Buyer Mistakes… and How to Avoid Them

First Time Home Buyer Mistake #1 - Buying too fast.

Nobody will argue that buying a home for the first time is extremely exhilarating. Unfortunately, this excitement may cause you to rush the buying process and thus make too many costly mistakes. For instance, it’s quite easy to be mesmerized by the features of any one home because the thought of ‘owning’ it is invigorating. The downfall, is that you may end up with a house that doesn’t suit you in the long run.

Prevent this by keeping your options open. See as many homes as you can before committing to THE one.

First Time Home Buyer Mistake #2 - Chasing the ‘dream home’.

Although it’s not wise to rush the home buying process, it’s also foolish to keep holding out on houses you see because you want the ‘dream home’. Remember that for each house you say ‘no’ to, a buyer is right behind you who may want to snatch it up. In the end, your search for that ‘dream house’ will never end.

First Time Home Buyer Mistake #3 - Stretching your budget to its limits.

Again, because the prospect of owning one’s first home is so exciting, many throw caution to the wind and buy a house that frankly, they can hardly afford. The result is that the mortgage payments are so high there’s hardly any disposable income left. And what good will a big, beautiful house do if you can’t furnish it well, or worse, if you find yourself trying to scrimp on basic things like food and clothing just to meet mortgage payments?

First Time Home Buyer Mistake #4 - Not getting pre-approved for a mortgage.

Getting pre-approved for a mortgage is good for you in two ways: firstly, you get to realize just how much house you can really afford as well as how much monthly mortgage payments will be, and secondly, pre-approval means you’re prepared, organized, and ‘ready to buy’. The latter makes you a good candidate for home sellers should you find yourself in competition with others for buying the house.

First Time Home Buyer Mistake #5 - Not shopping around for the best mortgage deal.

It’s important to compare mortgage offers from different lenders. If you do your homework, it’s not impossible to end up with hundreds of dollars in savings monthly in mortgage payments.
Buying a house for the first time is thrilling. Prevent it from becoming a nightmare by avoiding the first time home buyer mistakes we’ve outlined above. For a guide for buying your first home go to: Buying Your First Home E38T9X5X8WN7