Top 7 Mistakes First Time Home Buyers Make

Top 7 Mistakes First Time Home Buyers Make
By Jamie Mades

1. Not Hiring a Realtor

Not hiring a Realtor or Real Estate agent with experience and good standing is one of the biggest mistakes that you could possibly make while being a first time home buyer. Some people would try and urge a first time home buyer to skip a realtor and "do it yourself". Let's put it this way, you are about to make the biggest purchase of your life and you're going to do it without help? I would sure hope not. Research and find a professional who can provide expertise and support.

2. Not Getting Pre-Qualified First

When it comes to the financial part this is also a hurdle that a realtor will help get you through.First time home buyers are the worst when it comes to making financial decisions. It's more than just figuring out how much you mortgage will be. You have to consider interest rate be, will there be an Association fee, how much could I afford without sending myself over board? All these are very important questions that should be discussed with a professional.

3. Making a Decision Based on Emotion Only

This is another really big mistake that first time home buyers commit. Making the biggest purchase of your life based on emotion and not facts, Not good. Just because you walk into a home and it resembles something from your child hood, doesn't make it the right fit for you. You need to consider how old the home is. Will it need many repairs? Is this a comfortable price range for me? Again all something that a realtor would be able to help guide you through.

4. Not Getting a Home Professionally Inspected

Always make sure you get your home inspected. Don't just go off anyone's good word. Just because the home looks beautiful and perfect to you, there can many things wrong with the property. Anywhere from structural, wiring, plumbing and much more. All this can end up causing you thousands of dollars week, month or years down the road if you avoid getting it inspected. The only time it is not necessary for inspection is if it is a new build.

5. Being Impatient

First time home buyers tend to be pretty inpatient in looking for a home. Instead of settling for something you kind of like why not wait for something you are going to absolutely love. Being anxious to get into a house is a pretty hard battle from begging to end. If you're strong enough to stick with it and you do your homework, your chances of being a happy home owner will be a lot higher.

6. Not Considering the Long Term Impact of Their Decision

When buying a home the main thing you need to consider is, will this home be fit for you in the future? Will this neighborhood still fit you? Is this home big enough for your future wants? Is this house potentially going to be a good sell in the future when you're ready? All of these are serious matters that should either make or break your wants for this home.

7. Over-Spending

Before signing a contract set a price in your mind that works for you financially. And don't go a dollar over that price. Negotiations can be very scary. Financial boundaries become less clear and emotions start running wild. Without the right realtor this process can end up very messy and stressful.

Conclusion

Buying your first home can definitely seem overwhelming and stressful at times. But if you go into the process having already done your homework, you can protect yourself from all of these mistakes and shop with confidence. After all buying a home is the biggest purchase you'll ever make, but it shouldn't be the most difficult!

Stephen Kendrick is a Realtor in Sugar Land, Tx.  You can learn more about real estate buying and selling by visiting www.stephenakendrick.com