Don’t let your emotions get the better of you. Many real estate agents say that one of the common mistakes first-time home buyers make is overpaying for their ‘dream homes.’ Novice homebuyers tend to pay more for a property just because they’re too emotional about a home.
1. Not knowing the neighborhood
You’re not just buying a house. You’re also buying a location, so you should familiarize yourself with the community where the house you’re interested in is located. Find out more about the crime level in the area, transportation options, and if you have kids, the quality of schools that are near your place.
2. Not setting a budget
Even before buying a house, you should determine how much you can really afford. You may have a beautiful house, but you may have paid too much for it that you no longer have enough income to send your kids to school in the future.
The rule of thumb here is to allot 1/3 of your monthly income to housing costs. That includes mortgage principal, taxes, interests, and even insurance.
3. Forgetting about hidden costs
There are a lot of hidden costs that first-time buyers don’t prepare for. These include appraisal fees, homeowner’s insurance fees, escrow fees, and even the cost of moving. If you’re buying an old house, then you can also expect to spend for repairs. Even new homes will require some maintenance in the long run.
Indeed, buying a new house can put you to bankruptcy if you don’t prepare for it.
4. Not getting professional help
It’s possible to buy a home without the help of a pro real estate agent. But getting the services of a good one can save you time, and spare you from the stress of handling the transaction yourself. For one, you don’t have to review a taxing, legal contract that can number to 50 pages or more. Also, how sure are you that you can negotiate for the best terms?
By engaging the services of a real estate agent, you’ll have someone to help you in reviewing contracts, negotiating deals, and walk you through the entire process.
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