5 First Time Home Buyer Mistakes

By
Real Estate Broker/Owner with Amanda Davidson Real Estate Group 0225221517
http://actvra.in/52Bl

5 First Time Home Buyer Mistakes

Buying a home is a big decision and if you’re a first time home buyer all of the unknowns can be downright overwhelming. Avoid these common mistakes that often occur when purchasing your first home.

 

Not Understanding What You Can Afford- getting pre-approved should be one of your first steps once you’ve decided you want to purchase a home. Your loan officer will take a look at your finances and determine what you can afford. This doesn’t mean you have to purchase a home that’s equal to the maximum amount you qualify for but, it does mean that you’ll know your buying power once you’re pre-approved. You don’t want to tour homes and risk finding out later that you can’t purchase one you’ve fallen in love with because it’s out of your affordability range. Choose your loan officer based on recommedations from your Realtor®, family and friends. They're an integral part of the home buying process.

 

Pre-Approval

 

Not Hiring A Realtor®- purchasing a home is not only a big decision and extremely large investment it’s also a complicated and detailed process. Learning about different neighborhoods and what they have to offer to finding the home you want to purchase is just the tip of the iceberg. You’ll be signing a legally binding contract that has multiple deadlines to meet and contingencies to fulfill. Hire a local expert that you feel comfortable with and trust to guide you through the process. Going at a home purchase alone is opening yourself up to both financial and legal risks. Not all agents are created equal and selecting the right one to represent you is imperative.

 

Hire A Realtor

 

Buying Based On Emotion- yes, you should feel emotion towards the home you are purchasing but, making a decision to offer on a home based on emotions such as you’re tight on time, there isn’t much inventory to select from, or because there are other offers on the property are not the right emotions to base a home purchase around. Rely on your agent to provide you with neighborhood information, comparable homes that have sold, and trust your instincts. You will know when you’ve found the one – all home buyers get a certain feeling when they’ve found the right home and only then should you start talking about an offer.

 

Not Having A Home Inspection- always…and we do mean always get a home inspection. Even if you’re in a multiple offer situation and trying to strengthen your contract you can make the home inspection for information only vs. waiving it all together. That way, you’re protected if a major problem is found. Waiving the home inspection is a very risky decision and not one we recommend. Even if you’re purchasing a new construction home, have your own inspection completed.

 

Home Inspection

 

 

Not Accounting for Home Maintenance Costs- becoming a homeowner is an exciting and rewarding time but, it also comes with responsibility to maintain your investment. Deferred maintenance costs far more than routine maintenance. Be sure to allocate money each month for home maintenance and/or repairs. Once you become a homeowner if something breaks or needs maintenance it will all fall under your budget. Saving money each month will put you on the right path to always being prepared when your home needs some extra attention.

 

 

 

 

Posted by

 

Amanda Davidson Real Estate GroupTwitterLiving A Dream Real Estate FacebookLinked In Amanda S. Davidson                                                            

 

 

Amanda Davidson

Amanda Davidson Real Estate Group

Broker - Owner
Licensed in VA and DC

6485 Old Beulah Street
Alexandria, VA 22315

Cell: 703.431.3755
Fax: 703.562.7057




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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Sheri Sperry - MCNE® 04/03/2017 05:00 AM
  2. Keith Mundorff 04/03/2017 07:31 AM
  3. Gabe Sanders 04/07/2017 11:55 PM
Topic:
Home Buying
Location:
Virginia Fairfax County Alexandria Kingstowne
Tags:
first time home buyers
home buyers
first time home buyer mistakes
home buyers in alexandria
home buyers in kingstowne

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Rainmaker
2,784,010
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Amanda, great post for buyers looking to see what they don't know about the process, and they should call you and won't need to worry!  

Mar 30, 2017 07:17 AM #13
Ambassador
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Costa Mesa, CA
#MortgageMadeEasy Costa Mesa, CA 484-680-4852

Great information here and something everyone preparing to buy a home should read.  Of course, those in Northern VA can skip the reading and just give you a call to enjoy your expertise!

Mar 30, 2017 11:57 AM #14
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Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

These are all great tips Amanda.  I hope you don't mind but Jared and I shared it on our business page on FB.  

Mar 30, 2017 12:31 PM #15
Rainmaker
232,247
Wayne L. Brown
Broadview Mortgage - Alpine, CA

Solid advice Amanda.  Congratulations on the Feature.

Mar 30, 2017 12:50 PM #16
Rainer
19,121
shirley cicero
United Country Ponderosa Realty Associates - Livermore, CO
Northern Colorado Mountain Homes and Vacant Land

I LOVE your point about not accounting for home maintenance. They need to have an emergency fund! Make it a bill and a must!

Mar 30, 2017 01:43 PM #17
Rainer
4,900
Charles Vasels
Corona, CA

I like the list and will add No. 6, Not listening carefully to a professional. So many people are involved in a transaction, why not listen to solid, time-tested advice by those who have your best interests in mind and who are working to a successful and happy ending?

Mar 30, 2017 07:11 PM #18
Rainmaker
1,355,734
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Amanda S. Davidson - This is an outstanding post and a great feature story! You lay it all out there in a simple but very important way. You are 100% correct, buying a home is the biggest decision one will make because it is such a large investment. The process is not as easy as it looks and it takes an educated Broker and her Team to guide the buyer from beginning to end. There isn't anyone else I'd choose except you. 

Mar 30, 2017 08:06 PM #19
Rainmaker
360,155
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

I'm glad you mentioned 'buying on emotion".  Emotions are wrapped up in the purchase, especially that first one. Important to keep the business aspect in the picture as well while making the decision.

Mar 30, 2017 08:10 PM #20
Rainmaker
1,344,265
Gary L. Waters, Broker Owner, Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Rockledge, FL
... a small office, delivering big service!

Home buyers, especially first timers, need to seek the counsel of an experienced agent. Well written post!

Mar 31, 2017 04:38 AM #21
Rainer
192,727
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC - Granbury, TX
The lifestyle you want, the place to live it

#6 (or #1)  makeing big financial changes after being approved.  Buying a car, or a house full of furniture, Getting a big infusion of cash or outlay.

Mar 31, 2017 05:39 AM #22
Rainmaker
216,303
John Wiley
Jones & Co. Realty - Cape Coral, FL
Lee County, FL Real Estate GRI, SRES,SFR,PSA

Great advice for First Time Home buyers.

Years ago I was managing an Insurance office. Down the street was a dealer.

A young man came in and had just purchased a new car, paid all he had in down payment, but needed it to be insured before he could drive it off the lot. I gave him a quote and told him how much the premium would be and how much he had to pay up front. He did not have enough.

He did not count all his costs before he made the big decision. He now had a tremendous problem on his hands and was totally stressed out.

Great advice.

Mar 31, 2017 06:10 AM #23
Rainer
162,198
Chris Lima
Atlantic Shores Realty Expertise - Port St Lucie, FL
Local or Global-Allow me to open doors for you.

Great advice, Amanda.

Mar 31, 2017 06:57 AM #24
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Amanda- what an excellent post for new home buyers!  This is when you need a trusted agent and lender to help navigate this journey.  It certainly help you avoid the pitfalls that are out there. 

Mar 31, 2017 10:41 AM #25
Rainmaker
1,069,860
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Your Alexandria Virginia Real Estate Agent

Thank you all for your comments!

Apr 01, 2017 05:53 AM #27
Rainmaker
409,195
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise, Meridian, Ada/Canyon/Gem/Boise Counties

Once again, an excellent list.  They are all big points, but not accounting for maintenance costs is something many new homeowners I think don't even know how to account for.  They may have never had to pay for a furnace repair or save for replacing a roof or water heater, etc and have no idea what these things even cost.  While there are definite benefits to homeownership, all of these things should be considered and planned for up front. -Kasey

Apr 02, 2017 02:28 PM #28
Rainmaker
468,181
Karen Feltman
Cedar Rapids/Iowa City, IA Lepic-Kroeger REALTORS - Cedar Rapids, IA
Relocation Specialist

Great tips for home buyers! I completely agree that a home inspection contingency is a must--even in multiple offer situations. I have my buyers write a note to the sellers about their family to include with the offer. It personalizes their offer and they stand out from the other buyers. I have seen it make a difference especially when all of the offers are pretty much the same.

Apr 03, 2017 06:28 AM #29
Rainmaker
751,986
Jan Green
HomeSmart Elite Group,Scottsdale, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

These are all great tips for anyone to consider when buying a home. I'd add, asking for a list of energy bills to manage the big unknown as well. 

Apr 03, 2017 08:30 PM #30
Rainmaker
2,303,800
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

With a title like that I am sure you will get a ton of clicks!!

Apr 04, 2017 07:44 AM #31
Rainer
333,881
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton

Dear Amanda,

A good agent can help you through the transaction & give you advice for a lifetime. It is often not much easier the second or third time around either, because things change in the average of seven years between houses.

Apr 06, 2017 07:49 PM #32
Ambassador
2,660,529
Bob Crane
Woodland Management Service - Stevens Point, WI
Forestland Experts! 715-204-9671

Yes it certainly pays to have an agent on your side whether a first time buyer or someone who buys dozens of properties.

Apr 09, 2017 11:53 PM #33
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