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If you’re on the hunt for your first home and want to have a smooth and successful home purchasing experience avoid these common first-time homebuying mistakes.
If you are looking for your first home and need advice on how much you can afford, please feel free to contact me at (250) 862-1806.
1. Thinking you don’t need a real estate agent
You might be able to find a house on your own but there are still many aspects of buying real estate that can confuse a first-time buyer. Rely on your agent to negotiate offers, inspections, financing and other details. The money you save on commission can be quickly gobbled up by a botched offer or overlooked repairs.
2. Getting your heart set on a home before you do your homework
The house that’s love at first sight may not always be what it seems, so keep an open mind. Plus, you may be too quick to go over budget or may overlook a potential pitfall if you jump in too fast.
The house that’s love at first sight may not always be what it seems, so keep an open mind. Plus, you may be too quick to go over budget or may overlook a potential pitfall if you jump in too fast.
3. Picking a fixer-upper because the listing price is cheaper
That old classic may have loads of potential, but be extra diligent in the inspection period. What will it really cost to get your home where it needs to be? Negotiating a long due-diligence period will give you time to get estimates from contractors in case you need to back out.
That old classic may have loads of potential, but be extra diligent in the inspection period. What will it really cost to get your home where it needs to be? Negotiating a long due-diligence period will give you time to get estimates from contractors in case you need to back out.
4. Committing to more than you can afford
Don’t sacrifice retirement savings or an emergency fund for mortgage payments. You need to stay nimble to life’s changes, and over extending yourself could put your investments – including your house – on the line.
Don’t sacrifice retirement savings or an emergency fund for mortgage payments. You need to stay nimble to life’s changes, and over extending yourself could put your investments – including your house – on the line.
5. Going with the first agent who finds you
Don’t get halfway into house hunting before you realize your agent isn’t right for you.The best source: a referral from friends. Ask around and take the time to speak with your potential choices before you commit.
Don’t get halfway into house hunting before you realize your agent isn’t right for you.The best source: a referral from friends. Ask around and take the time to speak with your potential choices before you commit.
If you need help with finding a real estate agent, home inspector, contractor or lawyer to make your home buying experience go more smoothly please contact me [email protected]
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
