Of all the homes bought in 2019, 33% were purchased by first-time buyers. That’s one-third of all home sales!
But with many firsts comes a lot of chances for error. First-time buyers are prone to making more mistakes with buying homes because they’re not completely filled in on what to look out for.
If you’re about to buy your first home, here are the top 5 most common mistakes to avoid!
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1. Getting Distracted
When purchasing your first home, it can be easy to get distracted by all of the flashy details that make it look extremely nice. This can cause you to fall in love with a house way outside of the budget for new homes.
In the same way, people can also get distracted by the flaws of a potential home. This causes them to write the house off instead of considering saving money and using it to renovate and fix the issues that worry them.
2. Being Unprepared
Another mistake many first-time home buyers make is being unprepared to search for a new home.
Research matters a great deal when working with your local housing market. You need to know what fair house prices look like, how to get good at talking to sellers, as well as what the essentials you want in a house will be.
It may seem like the tedious and unexciting step of your home searching process, but it is one of the most important elements!
3. Ignoring Loan Opportunities
Next, it’s easy to ignore loan opportunities as a first-time homebuyer.
Most of the time, loans come with a negative connotation, but they can be extremely helpful when it comes to buying a home. If you want or need to make a small down payment on your house, loan programs can help you get there efficiently.
Not to mention that there are also some specific home loan opportunities you can get based on your profession! Learn more here for more information.
4. Making a Small Down Payment
Now, this mistake doesn’t necessarily mean that making a small down payment is bad. A small down can go many ways depending on your home buying situation.
However, on the whole, making a small down payment when you can make a larger one is usually a bad idea. If you can afford to make any kind of down payment you should do so!
5. Forgetting the Future
Finally, being future-minded seems like it’s being put into practice when you’re buying a home. But sometimes people forget about future details and focus on the aspect of simply having a house.
Remember to consider what you want your home to be like ten years into the future and if the choices you’re looking at sustain that dream. It’s also important to remember short-term future things like closing on a house and the cost of fixes and renovations!
Avoid Mistakes With Buying Homes Forever!
With the 5 mistakes with buying homes that first-time buyers make, now you can know exactly what to avoid when buying your first house. Get ready to have a true “Home, sweet home!”
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