Home buying can be a very complicated process. First time buyers sometimes get so caught up in the excitement of owning a home that they skip important steps and make mistakes that can cost them later.
One mistake first time buyers make is failing to get preapproved for a mortgage. After finding the home of their dreams, they learn that a bank will not lend them money. In some cases, the bank may approve a loan, but it is not enough for the home a buyer wants.
Buyers may not check their credit reports before looking for a home. They should review the report far in advance of buying a home. This gives them the opportunity to fix any errors and make changes that can improve their credit scores and possibly get them a lower interest rate on a mortgage.
Overestimating the amount they can afford is another common error first time buyers make. They assume that they can pay as much for a home as they did for an apartment. However, they fail to take into account the additional expenses involved in owning a home such as a higher utility bill, repair costs, taxes and even the cost of maintaining the lawn.
Buyers also fail to gather information about the neighborhood before purchasing a home. They do not take the time to learn about nearby schools, the crime rate, plans for development of surrounding areas and other things that can impact their satisfaction with their new home.
First time buyers sometimes skip the home inspection. Upon moving into their dream homes, they learn that costly repairs are needed that they cannot afford.
Showing obvious enthusiasm for a house is also a mistake first time buyers make. A seller may pick up on the potential buyer's enthusiasm and increase the asking price for the home.
Some first time buyers fail to hire an agent. An experienced real estate agent can help a buyer avoid making mistakes. When hiring an agent, buyers should include a clause in the contract that prevents the agent from letting the seller know how much the buyer is willing to pay. The contract should also state that the buyer does not have to pay the agent if he or she finds a home without the agent's assistance.
The buyer will likely need to sign a contract and provide a few thousand dollars as proof that they are serious about purchasing a home. The contract should include a clause that allows the buyer to back out of the sale in case of a job loss, or if the home does not pass an inspection. The clause prevents a buyer from losing the money that has been paid.
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