After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
So, you have finally made the decision to buy a home. However, it is your first one and you feel a bit overwhelmed. This is common and completely natural. Because of this overwhelming feeling, you may end up making a few mistakes a long the way. To help minimize those mistakes, here are three that you will want to avoid that are extremely common among first-time home buyers:
Failing to Get Your Finances Organized Ahead of Time
One thing that you don't want to do when purchasing a home is further delay the home buying process. But if you fail to get your ducks in a row financially, that's exactly what you are going to do. Therefore, before you go house hunting and trying to purchase a home, it is crucial that you determine what you can afford to pay each month. In addition, you need to go see a mortgage lender and get pre-approved for a loan. This not only makes you look financially responsible to sellers, but it also helps the home buying process run a lot smoother and quicker.
Failing to Purchase Based on Facts
It is important that you don't buy a home on a whim or based solely on emotions. It is absolutely crucial that you only make a large investment like this based on facts – and facts only. It is not easy when you find out that you have been outbid by someone else, and this is something that you may hear as a first-time home buyer. However, do not let this get you down, as you will come across other homes. The one thing you need to realize here is that you should not go out and purchase the first home you come across just to feel better about things, as this is where things can go sorely wrong. Wait until you have found a good deal and a home that has most of the things on your checklist, and then you can make an offer. However, until then, hold off on making official offers or you will regret it later.
Failing to Work with a Realtor…or Choosing to Work with a Seller's Agent
When it comes to buying a home for the first time, it is important that you don't do it alone. You've never bought a home before, so you are bound to take a mistake here and there. However, if you have a realtor that is with you every step of the way, you won't have to worry about making mistakes. A real estate agent can guide you through the process and ensure that the experience is smooth and successful.
Now, it is just as important to work with a real estate agent as it is to make sure you are working with the right realtor. For example, you don't need to work with a seller's listing agent. Instead, you need to find your own realtor – a buyer's representative/agent. A buyer's agent will have your interests at heart rather than the seller's interests in mind and will understand the specific and special needs of a first-time buyer.Share