Avoid the Top 5 Mistakes First Time Buyers Make

Realtor Magazine lists 5 costly mistakes many first time buyers make.  They include;

1. Ignoring the costs of a low credit score.
2. Shopping for large ticket items prior to closing
3. Scrimping on an inspection
4. Buying without contingencies
5. No money for insurance

How can you avoid making these common mistakes?

1. Credit:  If your credit score is low, take action to make repairs prior to buying a home.  If you improve your credit score you will likely qualify for a better interest rate which will save you money every month.
2. Shopping:  Once you have entered into a contract, hold off on buying the appliances, furniture, and lawn mower until after closing.  I know you are excited and will need to buy these items.  But prior to closing your credit is run again.  The purchase of these large ticket items could effect your debt ratios and cause you to no longer qualify to buy the house.
3. Inspection:  Yes, I know you are counting all your pennies as you head to closing.  But passing on the inspection is a mistake.  There may be expensive repairs that you may be suprised by and an inspector would have found.  An inspection is worth it's weight in gold!
4. No contingencies:  You need to have a way out of the contract in the event terms change or costly repairs are discovered.  The Oklahoma State contract is written to protect the buyer, use it.
5. Insurance:  Remember to budget for insurance.  The lender is going to require it.

To schedule a one on one First Time Buyer Consultation before you begin shopping for your first home in Edmond or NW Oklahoma City, call Edmond REALTOR, Kristyn Grewell of CENTURY 21 Goodyear Green at 405-359-7400.  Working with a Buyer Representative on your side will help you avoid these common mistakes!