Buying a first home is a dream come true to many. But as a first-time home buyer, you may end up making costly mistakes that you pay for in the near future. If you want to make a great investment with no regrets, avoid the following mistakes when buying a first home.
Disregarding your initial budget
If you have a set budget when approaching the housing market, stick to it. Stay away from houses that are beyond your price range. You came up with that budget when you were not emotionally attached to a property by taking into account financial constraints and logic. But when you view a house, you may feel like stretching your budget because of the emotions involved. Avoid this at all cost lest you end up with a home you can’t afford and in the verge of a foreclosure.
Failing to consider hidden/additional costs
The process of buying a house can have so many payments that most first time buyers are unaware of. Do your research properly to get an estimate of the closing costs, property taxes, insurance and other fees that may be required when purchasing property. Consider the maintenance costs of the property as well. A home may be within your budget but once you add all these hidden charges, it quickly goes beyond your budget.
Not having the house inspected
Even the most beautiful homes may have numerous problems underneath. Don’t make a decision about a home by what you see from face value. Have the house inspected because when you choose to buy it and discover issues after the purchase, you will be responsible for all repairs. Have a professional inspector to assess every aspect of the home before you buy.
Going home shopping without being open minded
Most first-time home buyers will go shopping for property thinking that they’ll get everything on their wish list. The reality is that searching for a home is never easy. Create a need/want list which includes the features that are really important to you versus the ones you can do without. For instance, if you have a large family then 3 bedrooms or more would be a “must have” but a Jacuzzi is just something you wish to have but you may not need. Once you understand the items you need versus the ones that are just add-ons, you’ll soon get a good home to invest in.
Maggie Martin is currently completing her Ph.D. in Cell Biology. When she is not busy at the university, she takes interest in a variety of things such as lifestyle, food, health, fashion, and ways on how to make money. Follow on Twitter @Maggiemartink