3 Big Mistakes New Home Buyers Make
First-time homebuyers often make mistakes when it comes to buying their first home. Sometimes they pay too much, sometimes they choose the wrong type of mortgage, and other times they simply move too fast. While some mistakes are easy to live with, others can drag down your experience of the real estate market for decades to come. That's why it's so important to make sure that you have the support of the right Realtor to get you started.
With a little bit of expert help and some insight into the marketplace, you can reduce your risk of making expensive mistakes on your housing choices. Here are just 3 of the biggest mistakes that new home buyers make, and what you can do to avoid them.
1. Spending the Most You Can Borrow
When you start talking to a mortgage broker or lender, you'll get a basic quote of how much you should be able to borrow, based on your financial circumstances, and the amount you're willing to put down as a deposit. The biggest mistake you can make here is to rush into spending all of the money available to you straight away.
Though we all want the biggest and fanciest house we can get our hands on; it's important to make sure that you're not spending more than you can afford. Make sure that you're going to have money left over in your budget for an emergency fund and savings. For instance, what if the roof fails and you need to get it fixed, or you need to pay for a new car? You'll also need to have some cash left over from buying the home so that you can pay for additional expenses like legal fees and moving costs. Remember, it's important to have a reputable moving company, like our friends at Bellhops Moving Raleigh, to keep your belongings safe.
2. Not Knowing the Neighborhood
Another of the biggest mistakes you can make when you're moving into a new home is not taking the time to get to know the neighborhood. It's easy to fall in love with a home until you realize that you'd hear nothing but constant traffic while you're living there, or the neighbors constantly fight. Before you sign on the dotted line for anything, make sure you walk around the neighborhood a few times and get to know the people you'll be living close to.
Visit the space at multiple times during the day, on different days of the week to see what it's like. Remember, while you're checking out the neighborhood, don't be afraid to look up crime rates and other statistics online too.
3. Buying with Emotions
Finally, whether you're buying a home for you and your family to live in, or you want a property you can rent out to another family, it's important to stay logical. It's easy to let emotions get the best of you when you're starting an exciting new journey. However, jumping in head-first without taking the time to think about the practical side of buying your new house could get you into a seriously sticky situation.
While you shouldn't wait forever to make an offer, it's worth taking some time to think about the pros and cons of the potential home you want carefully. Make an educated decision, using your agents' advice.
This content was made possible by our friends at Bellhops Moving.