Buying your first home? Make sure you don’t fall victim to these 6 common and costly first-time home buyer mistakes:
Underestimating the cost of home ownership
There’s so much more to home ownership than being able to afford the price of a house. In addition to your mortgage payments, you also have to consider hidden costs such as property taxes, insurance, monthly utility bills, maintenance fees, and more.
To know how much a house’s utilities cost, you can ask the seller for the property’s utility bills for the past 12 months. Property taxes differ from state to state and city to city. This means you have to do your research beforehand to calculate an accurate budget.
Not shopping around
Shopping around shouldn’t be limited to houses. You should also look around for the best mortgage. Go to different mortgage brokers, lenders, and banks to compare interest rates, lender fees, loan terms, and the like.
Always take into account a lender’s customer service and how quickly they respond to questions and concerns. These factors play an important role in making sure the mortgage approval process goes smoothly.
Shopping around for a mortgage also puts you at an advantage because you can negotiate with different lenders for the best deal possible.
Getting caught up in the little things
Finding a home that has everything on your wish list and is within your price range isn’t as easy as television shows make it seem. Flexibility in making some compromises is important when it comes to buying a home.
Don’t get too hung up on small details like outdated décor or bad paint color choices. Remember that these simple cosmetic issues can be changed once you move in.
Not scoping out the neighborhood
When house hunting, never forget to consider the neighborhood on which the property stands. Find out if it suits your needs and preferred lifestyle. Check out the neighborhood’s crime rates, school districts, amenities, and the like. You should also visit the community at different times of day to really get a vibe of the place.
You can also find out what’s good and bad about the neighborhood by chatting with potential neighbors and other members of the community. That way, it will be easy to ask them for feedback about living in the community.
Foregoing the home inspection
A home inspection is there to look for problems or flaws in the home that you didn’t know about. An inspection result could reveal mold, foundation problems, water damage, faulty wiring, and other major faults in the house.
You can use the inspection results as leverage and have the seller make repairs or put a discount on the home’s price.
Not hiring an agent
A real estate agent is there to make the home buying process easier for you. Looking through different listing services, finding homes that fit your needs, and helping you negotiate for a better price become more manageable with an agent to help you every step of the way.
Another indicator of a good real estate agent is their capability to provide great insights and advice about the neighborhood and current real estate market trends.
Ready to buy a house in Clarke County, Oconee County or Jackson County? Get in touch with us at Lauderdale Morrow Realty Group by calling 706-534-2289. You can also send an email to firstname.lastname@example.org.