Five Costly Mistakes First-Time Buyers Make

By
Real Estate Agent with Nesbitt Realty at Condo Alexandria 0225-089134

Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:

1. Ignore the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
2. Make purchases on credit before settlement.  Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.
3. Scrimp on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
4. Buy without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.
5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.

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Our home buyer's resource page will answer common questions like:

    • Why Nesbitt Realty?
  • What is a buyer's agent?
  • What is a buyer's rebate?
  • How much does representation cost?
  • How we find your new home?
  • How much home can you afford?
  • How much are closing costs?
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Rainmaker
733,028
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Great list for first time buyers, and call Nesbitt Realty for Northern VA real estate.

Sep 15, 2015 07:17 AM #1
Rainmaker
584,752
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

I recall a family who lost out on a home they were excited about, only because they bought and financed a new truck during the loan processing phase. That truck purchase knocked them out of buying the house. Never ever make a major purchase until AFTER the closing on your home.

Sep 15, 2015 07:23 AM #2
Rainmaker
622,840
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

I agree that this is great information for first time buyers looking in the Northern VA area.

Sep 16, 2015 12:31 AM #3
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Will Nesbitt

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