Buying a home is one of the largest purchases a person will make. So it only makes sense for any first time home buyer to feel overwhelmed when it comes to making their final decision.
First time home buyers are one of the biggest demographics in the real estate market. Last year, first time home buyers made up 35% of all home buyers, and a full 66% of buyers under the age of 36 were buying their first home. It is no secret that when buying a home, there are so many different things for buyers to know.
So to make the process a little less confusing for you, we have created a list of dos and don’ts for any first time home buyer to follow.
Do: Get your credit checked and loan approved before you start looking
You never want to fall in love with a home that you cannot afford, so even before you start looking at the different real estate listings in your area, head to the bank. Make sure your credit is in good standing and that you’re approved for a loan.
Don’t: Just look at the mortgage
A homeowner should never assume that they can buy a home simply because they can afford its mortgage. There will be plenty of extra costs associated with a new home, such as purchasing appliances, buying larger ticket items such as a lawn mower, and paying for movers. These costs can all add up and should be added into your budget from the get-go.
Do: Look into the long-term impact of your decision
It is crucial to look into the long term impact of your purchase, including the kind of neighborhood, the school district if you want to have children, and the size of the yard. You’ll want to anticipate your current situation changing a few years down the road and how your current home can accommodate that.
Don’t: Visit the home only in good weather
You need to be able to see the home in all different weather conditions if possible before you buy. This way you can tell if there are any drainage problems, leaks, or gutter and roof issues. If anything, make sure you visit the home or drive by it when it rains to see how everything is holding up.
When buying a home, make sure to work with an experienced real estate agent to ensure you don’t make these mistakes. Ensure the home buying process is as easy as can be and call one of our realtors today!