It’s
all too easy for first-time homebuyers to make missteps during the buying
process. After all, there are a lot of moving pieces to consider and there are
a lot of online resources offering advice (some of which is contradictory). So
let’s cut through the noise and highlight some of the biggest first-time
homebuyer pitfalls that you should avoid.
Not
knowing what you can afford
Many
first-time homebuyers get caught up in researching the “exciting” aspects of
the homebuying process - things like kitchen amenities, floor plans, and the
square footage of backyards. And while these things are certainly important, as
a first-time homebuyer you need to make sure you dedicate time to researching
financing options. So, go to talk to a qualified lender and get yourself
pre-approved for a mortgage. If you don’t do this first, you might end up
falling in love with a home that you can’t afford.
Picking
the wrong neighborhood
As
mentioned above, first-time homebuyers often get caught up in details that
pertain to the actual, physical homes they’re looking at. Equally important,
however, is where a home is located. If you’re a young, active couple that’s
prone to throwing parties, the quiet neighborhood made up primarily of older
folks probably isn’t the place for you. So when looking at homes, make sure to
pay attention to neighborhoods. Ask yourself, “Where’s the nearest coffee
shop?”, “Are there lots of people jogging and walking pets?,” and so on. By
picking a neighborhood that’s tailored to your lifestyle, you’ll have a much
more enjoyable home-owning experience.
Not
calculating expenses
You
did it! You found the perfect house in the perfect neighborhood and - best of
all - it’s in your price range...or is it? There are many additional expenses
associated with owning a home that first-time buyers often overlook. These
include property taxes, maintenance work, and utility bills. So before you pull
the trigger on a home, make sure you figure out what such expenses will run you
ahead of time.
