Top 10 First-Time Homebuyer Mistakes to Avoid
Goodale Realty Team at JK Realty
The Goodale Realty Team at JK Realty
Top 10 First-Time Homebuyer Mistakes to Avoid
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Buying your first home is an exciting time in life. But too often I see first-time homebuyers make simple mistakes that leave them stuck with a “problem house,” or they don’t know how to negotiate with sellers and it ends up costing them thousands.
Here are 10 common mistakes and how to avoid them:
Mistake #1: Not Understanding What You NEED And What You WANT.
Prioritize your basic needs before you even start looking so you don’t buy the wrong home.
Also know that you may have to compromise.
This is your first home, not the dream home you’ll live in for the rest of your life. The home you can afford may need a little work (fresh paint, new carpeting). Over time, you may be able to hire a contractor or do some more substantial upgrades yourself. With that mind, consider these items:
- General price range
- Approximate size (in sq. footage)
- General location, area or subdivision
- Number of bedrooms
- Number of bathrooms
- Style and layout of home
- School requirements or districts
Mistake #2: Not Knowing What You Can Afford Before Looking At Homes.
You’ll waste your time looking at properties that are may be out of your price range. Examine your budget, get a copy of your credit report and credit score, then sit down with a qualified lender to determine how much of a home loan you can afford. Don’t assume the first lender you ask is giving you the most competitive rate. Talk to more than one lender (ask your REALTOR® for recommendations) to comparison shop for a mortgage.
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