Top 7 Mistakes by First Time Buyers
Being a first timer is not the best feeling in every field. Especially in real estate, It can bring very huge and harsh consequences if steps not taken wisely.
So,being in real estate field,I wanted to look at some pitfalls for first-time home buyers. Some we can narrowly avoid, others we can fall right into, but they are valuable things to think about when facing this milestone. The following are 7 common first-time home buyer mistakes:
1. Don’t Ask Enough Questions – It’s often the case that people avoid asking questions when walking a path they know little about. This seems counterintuitive, but the fear of looking stupid or immature drives many first-time home buyers into making really poor decisions.
The knowledge we gain through these conversations is immense…not only did it help us avoid potential pitfalls, we acquire in 45 minutes what would have taken us weeks or months of reading and research to discover. ASK QUESTIONS!
2. Underestimate Additional Costs – If only the cost of buying a house was wholly represented by the sticker price, life would be so much easier. Unfortunately the purchase price is just one of many costs included in purchasing a home. Earnest money, lending fees, closing costs and home owner’s insurance are the obvious ones that come to mind, but often people fail to account for other future costs as well.