First Home Buyer Mistakes To Avoid
When you purchase a home, you’re going to be delighted. There’s something amazing about getting that first set of keys and getting forward traction with purchasing a house. But here’s the thing, if you’re not careful, you may end up making some of the mistakes that many first home buyers make. As a first home buyer, you may think that you can avoid many pitfalls, but honestly, they sneak up on you, and could very well cause a great deal of turmoil.
Not Considering Expenses After The Fact
You’ve found the home you wanted to purchase, you’re loving the new options you have, but then you are hit with additional bills. When you are renting or leasing a home or apartment, you are not going to have to pay a lot of the additional fees that the property owners have to pay. When you purchase a home, you will need to pay for property taxes, insurance for your home, repairs that may come up out of the blue, maintenance costs (HOA for example), and further fees depending on where your home is situated. These are all going to be in addition to your mortgage, which can cripple your finances if you don’t pay attention.
Not Being Flexible
First home buyer mistakes are plentiful, but one of the most common is being too picky about the home that they want to purchase. Many people are so dead set on getting their “dream home” that they will decline all the homes that they see, and will eventually end up renting far longer than they intend. Unless you’re going to be building a customized home, chances are that you may not find your “dream home” on the first time you buy one. It’s a realistic element that could cost you down the line. Be flexible, but don’t give up all your dream components either.
Forgetting To Run An Inspection
This is perhaps one of the worst things that you can do as a first home buyer. Forgetting to get a full inspection can end up causing a great deal of financial problems. Home buyers need to have a full inspection of a home to ensure that the house is not hiding something that could cost tens of thousands to fix after the fact. Some home buyers fall in love with homes, they rush the purchase, and then realize that there’s asbestos in the ceilings, there’s termites in the walls, and there’s a ghost in the cellar, (the last one may not be true, but you get the point).
