Buying a home is a huge investment and responsibility. Everyone is a first-time buyer at some point. The process can be terrifying and confusing. Here are five mistakes first time buyers commonly make that you shouldn’t!
Forget about Credit Scores
Most people don’t check their credit score every day as it doesn’t impact daily life. However, credit score becomes important when making a large financial decision such as buying a home. As soon as you decide to purchase a home check your score. This gives you time to catch any errors, fix it, and make more sound financial decisions before you begin looking at homes.
Wait to Get Prequalified
Don’t give in to the temptation of casually browsing a home before you have a budget. Nothing is worse than falling in love with a home you later miss out on because you’re not yet prequalified. So head to the bank before you even begin looking!
Ignore Closing Costs
Closing costs are often forgotten about. They tend to sneak up on people, as homeowners are focused on down payments. Closing costs can vary, so be sure to ask your real estate agent about them when you begin looking so you won’t be caught off guard at the end.
Forget All Monthly Expenses
A mortgage payment is just one of many monthly expenses you’ll have once you purchase a home. Don’t forget to factor in other monthly costs such as condo fees, lawn maintenance, HOA fees and more. Not accounting for these can leave you financially unprepared.
Do it Alone
You may think watching Million Dollar Listing or Love It or List It makes you an expert, but it doesn’t. Buying a home is way more complicated and frustrating than people realize. There is a lot you don’t realize about the process as a first item buyer. A real estate agent will help you navigate these uncharted waters. Feel free to contact me to learn more!