There's always a first time for everything -- from getting your first interview for a job, to ordering your first coffee at Starbucks (not sponsored), to even buying a home. Sometimes, with these first time experiences, we have mistakes along the way. But here are the top 3 mistakes that first time buyers make, and how you can avoid them!
1. Not having enough cash
Apart from down payment, you'll need funds for lender fees, title fees, recording, tasxes, your attorney and other fees, and any repairs or updates you need to spend on the house. Make sure you have some extra cash before anything else!
2. Not exploring the financing options available through various channels
Aside from the conventional ones, Virginia has a lot of great government programs for first time home buyers -- just like VHDA's first time incentive program. Apart from that, there are a lot of lenders who offer incentives for first time home buyers as well. Don't miss out on them! Check it online or talk to your realtor for the best options available.
3. Having emotions get the better of you
Oh my God, how many times I have my first time home buyer walk into a home that is beautifully staged and drooled over it even as though that home does not make sense financially or for their lifestyle. Make sure to chill out, give it a thought, and consult a professional if you have any doubts.
What are the things that you wish you knew sooner before buying your first home? Let me know in the comments below!