5 First Time Home Buyer Mistakes

Reblogger Sheri Sperry - MCNE®
Real Estate Agent with Coldwell Banker Residential Brokerage NRDS # 146013739

I don't think we can talk about this enough.  My area does not really support too many 1st time buyers. So I don't see a lot. 

 

But, all 1st time buyers will be subject to the topics below, so the more it gets out there the better.  I bought a lot of new homes and never had an agent represent me as a buyer. Countless buyers use the agent representing the builder who does not represent the buyer's interests.  How would I have known?

There was no "google" !!

 I bought new and sold the homes myself. It wasn't until I became an agent that I realized all of these points. 

Original content by Amanda S. Davidson 0225221517

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.

 

 

 

 

 

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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Sedona Arizona & Verde Valley Real Estate
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Rainer
530,808
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Waving inspections even under the pressure of multiple offer situations might be a big mistake

Apr 03, 2017 05:02 AM #1
Rainmaker
387,095
Doris Freeman
RE/MAX REALTY SOURCE - Jackson, TN
Broker/Agent, Realtor, Madison-Gibson-Crockett

Some great tips, home buyers in general do tend to get to emotional with a home purchase.

Apr 03, 2017 05:12 AM #2
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Harry F. D'Elia
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

This was an excellent choice on a reblog post today

Apr 03, 2017 05:29 AM #3
Rainmaker
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Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

Yes, these are important points for first time home buyers. Thanks for the reblog!

Apr 03, 2017 05:52 AM #4
Rainmaker
1,525,052
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Alexandria, VA
Alexandria Virginia Homes For Sale

Sheri, thank you for the re-blog. I appreciate it! Have a great Monday!

Apr 03, 2017 06:06 AM #5
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Happy Monday Sheri Sperry,  You pick a winner for a reblog with Amanda S. Davidson.  Hey you are almost at 500,000 points, I will try to help get you there.

 

Apr 03, 2017 06:48 AM #6
Rainmaker
4,129,597
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sheri, this was an excellent post to re-blog, as Amanda did a great job with this post too!  

Apr 03, 2017 06:57 AM #7
Rainmaker
3,280,960
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Excellent points...we have a mix of all kinds of people....first timers need to know what they don't know and are a joy when they have that realization.

Apr 03, 2017 08:28 AM #8
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Sheri

Great choice for a reblog. Wasn't sure if it was something I had seen or not...and I had. But Amanda makes some excellent points and her post is so worth sharing.

Jeff

Apr 03, 2017 10:16 AM #9
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Sheri Sperry - MCNE®  Great choice for a re-blog

Apr 03, 2017 10:35 AM #10
Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Great post to re-share, Sheri Sperry - MCNE® ... the more 1st-time homebuyers know and the better prepared they are prior to buying, the better off they'll be and the smoother the process will go.  These valuable points can't be repeated often enough!

Gene

Apr 04, 2017 10:13 AM #11
Rainmaker
3,035,601
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I am seeing it a great deal Sheri Sperry - MCNE® and this is a great list. i only wish consumers would see it before starting out

Apr 04, 2017 04:29 PM #12
Rainmaker
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Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Sheri

Great choice to re-post Amanda S Davidson on first time home buyers mistakes.

Good luck and success.

Lou Ludwig

Apr 04, 2017 06:48 PM #13
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - 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 11:52 PM #14
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Sheri Sperry - MCNE®

(928) 274-7355 ~ YOUR Solutions REALTOR®
Don't know Sedona AZ? Let me answer EVERY question! Call me!
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