How to Avoid Common Mistakes First-Time Home Buyers Make

If you think you’re ready to buy a house, that’s great! Here’s a short walkthrough of the common mistakes that first-time home buyers make which are not meant to cast a negative light on your plans but to help you put things into perspective. Make the most out of the time that you’ll spend on the buying process by following a few simple tips to help you avoid first-time buyers’ mistakes.

1. Going house shopping without checking your finances first. – If you don’t know how much you can afford, chances are you’ll spend a lot of time looking at houses you won’t end up buying anyway. There’s a lot of houses to choose from in any location, but focusing your search on a market where you’ll most likely be able to afford will get you to your dream house faster. For example, if you want to buy Waxhaw real estate, it’s best to know around what amount you can afford to spend on the house so that you’ll spend more time going through Waxhaw homes for sale that you can actually consider buying.

2. Not getting preapproved for a mortgage. – Getting preapproved for a mortgage is not the same as getting approved for one. It’s not really a firm guarantee, it’s just something that can be a positive indication that when the time comes when you want to apply for a loan, you’ll probably have a good chance of getting approved. What you know you can afford may not really coincide with the amount that lenders will be willing to lend you. In this sense, loan preapproval also gives you an idea of roughly how much money you can expect lenders to preapprove for you.

3. Forgetting all about closing costs. – Closing costs can really be an inconvenience if you’re not ready for them. Ask a lender for any closing costs that you may need to prepare for or, if you really have no idea what this means, ask your real estate agent or make a quick search on the internet for what items you need to prepare for.

4. Compromising on and getting turned off by the wrong things. – There are things that you may be tempted to compromise with but will really put a strain on your future life in your future home. For example, you may be compromised to buy a house with only two rooms because of budgetary constraints. Sometimes this isn’t realistic for some people. Like if you have five children and they’re several years away from college (leaving home). It’s better to either look around for a better house that fits your budget or save more money in order to be able to afford a better house. On the other hand, some people quickly turn down a house on the basis that they have to do a little bit of repainting or landscaping. These things can be done over a period of time after you buy the house, if it’s not something you can do immediately after. Most houses will need to be fixed up a bit before you move in, anyway.

5. Not having the house inspected. – Unless you’re an expert with the right equipment to do it, you need to get a house inspected. A general inspection will reveal some things you probably wouldn’t have noticed, but a specialized inspection for mold, insects, toxic substances and the likes will prove to be very useful for you.

There are a lot more mistakes that first-time home buyers are prone to make, but those above can start you off pretty well.

Tito Alamo is a writer specializing in a wide assortment of topics. Among them, real estate. Learn more about how to find quality Waxhaw homes for sale online as well as find a great list of Waxhaw real estate articles on our website.

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