Top 5 First-Time Home Buyer Mistakes

By
Real Estate Agent with Keller Williams Realty New York

Buying a home is a fun and exciting process, filled with the joy of childhood dreams being fulfilled. But it's also a serious process, one that most first-time buyers can be overwhelmed by. With the right real-estate salesperson, and a few tips on common mistakes to avoid, you can take the frustration of buying a home, and settle in comfortably and quickly.

1. Not knowing what you can afford ...

This is a big mistake that most first-time home buyers make. What the bank says you can afford and what you know you can afford to pay back are often two different amounts. So sit down and make a budget your yourself, listing everything (excluding a current rent payment) that you buy or pay each month. Subtract that amount from your current income(s) and that is what you can afford each month.

2.  Skipping Mortgage Qualification ...

In contrast to mistake #1, often times when you know you can afford or are comfortable with paying are not necessarily the same as what the bank says you can afford. So, make sure to get pre-qualified. Ask me how.

3.  Being Unrealistic ...

Put everything you can dream of on your wish list, but don't be so inflexible that you end up continuing to rent for significantly longer than you really want to. 99 times out of 100, you will have to compromise on something because funds are limited. So in addition to your dream wish list, create a second list of things you're willing to do, to make your first home your dream home. These two lists will be a great tool as you begin looking at houses.

4. Lacking vision ...

To a degree, we all lack vision when it comes to seeing something for what it can be over what it already is. But when you are a first-time home buyer and you're trying to squeeze as much of your wish list into your first place, you have to be able to remove the veil and see the potential in properties you might be considering making a home. Remember that out dated decor is often easily fixed, and much of what you look at during showings will be removed from the home by the current owner. As we discussed in item 3, make sure you have your things you're willing to do list, and it will help you see the house for what it can be, and how you can get it there.

5. Not enlisting the services of a licensed agent ...

Once you've decided to buy a home, the best thing you can do, before you even step foot into an open house, is enlist the services of a licensed real estate salesperson. More than anything, an agent can give you insight to properties that fit your list of wants that you may not have known were out there, and can shorten your search time, while advocating for your interests when it comes time to buy. If you've made the decision to get started in the process, let me help you find your dream home today.

Scott Akdogan, Licensed Real Estate Salesperson
Keller Williams Realty - Buffalo, New York

Are you interested in buying, selling, renting, or investing in Western New York? The Buffalo-Rochester housing market is full of wonderful properties at prices almost too good to be true. If you need help buying, renting, selling, or finding investment property in Buffalo, Rochester, or the surrounding area; and want a dedicated, friendly, and knowledgeable agent to help you get to your next step, Call 716-940-9799 or email me today.

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Rainer
37,728
Scott Akdogan
Keller Williams Realty New York - Niagara Falls, NY
Your Real Estate Needs All Tied Up

Agreed. Great post.

Nov 06, 2011 10:06 AM #1
Rainer
112,661
Don Kanare
RE/MAX NORTH LAKE - Incline Village, NV - Incline Village, NV
Incline Village Real Estate

Great analysis of some common mistakes that first-timers may. It always takes a lot of extra time as an agent to work with a first time buyer because you have to dispel some myths and give them so much of an education. But the satisfaction is enormous when you see the look on their face at close of escrow and they finally have their first home!

Nov 06, 2011 10:11 AM #2
Rainer
23,663
​​Elise & Glenn Groves, Mortgage Brokers ​First Priority Financial, Inc.
First Priority Financial Inc., NMLS# 3257, ​Elise NMLS #255824, Glenn NMLS# 1124642 - Santa Rosa, CA
Mortgage Broker,Banker, FHA, VA, Conv, Jumbo - Pur

Excellent points -  I wish more of the first time buyers would do just a bit of research before they jump into things.  They really need to be educated.... and we all owe it to these buyers to make sure that they don't over extend themselves.

Nov 06, 2011 10:28 AM #3
Rainmaker
580,027
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

Definitely mistakes that could cost a prospective home buyer dearly, good post Scott

Nov 06, 2011 11:02 AM #4
Rainer
113,945
Brian DeYoung
also affiliated with Howard Hanna - Ithaca, NY
The Realtor with personal investment background

Those are great. I use a similar list in my advertising at times.

You still at Keller Williams? Great Office.

Dec 28, 2013 09:27 AM #5
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Rainer
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Scott Akdogan

Your Real Estate Needs All Tied Up
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