7 Common
Mistakes First Time Home Buyers Need to Avoid
Consumer Tips

7 Common Mistakes First Time Home Buyers Need to Avoid

When you buy your dream house, there are many things to be happy about and this is especially true if it is your first time buying a house. It is possible that you end up making a few mistakes during your purchase. This is completely acceptable and a few glitches on the way are always acceptable. To make things a little smoother for you, we have compiled a list of the seven home common mistakes that first time home buyers generally make.

1. Know Your Budget and Stick to The Same

Budget is the first thing that every homebuyer plans beforehand. But many of them tend to still stretch or exceed their budget when they finally buy a house. The first rule is to not see anything that might exceed your budget. If you set your heart at something which is way more overpriced, most of the times you will end up buying it. This will lead you to reduce your monthly investments and make major lifestyle changes to pay off a higher mortgage than what you originally intended.

2. Don’t Be Indecisive

Many homebuyers are unable to make a decision even after going through many options. You need to decide which features you need and which you don’t in your new home. Some compromises will be needed if you have budget constraint and you need to accept that. Also, don’t rely on too many options as it might confuse you.

3. Think Long Term

It is advisable to have a clear vision about how your house will fit in your future. Some of the questions that you need yourself are--Are planning to re sell your house in the future or it is a long term investment? You need to be happy with the house that you invest in even after four to five years.

4. Not Taking the Help Of A Professional

When it comes to buying a house for the first time, it is better to trust an expert’s opinion. You can’t work your way in an open house without knowing any agent. A real estate agent can be an important home buying resource and can help you even save money when you finally decide to invest in a house. So, do take the help of a professional if you seriously need to buy a house!

5. Don’t Forget To Look Over Your House Multiple Times

When you finally make a choice and decide to invest, be sure to re-examine your house for any necessary repairs etc. Negotiate with the seller beforehand to make sure you are getting what you were promised. Many buyers have to shell an additional monetary investment to get the things they had been promised by the seller. Once the dotted line is signed, many sellers shy away from associating themselves with any problems that suddenly pop up. So, make sure you have checked your investment properly before making a decision.

6. Don’t Forget to Keep a Check on Secondary Factors

Before you buy the house of your dreams, check out additional factors that come with your investment. These factors include your new neighbours, the surrounding views and the community. A house comes with many things and these factors will have an impact on your new life. A good community, friendly neighbours and a pleasing view will improve your day to day life.

7. Don’t Be Impressed Easily

During an open house or when the seller displays his house for your benefit, a lot of things are exaggerated and many weak points are underspecified. Don’t be hasty in making your decision by being impresses by the staging of the house or by the buyer’s words. Try to make a practical decision only after analyzing all the pros and cons. The layout of the house, your needs etc should take precedence; not the overall decoration of the house.

These were the seven important points you need to pay heed to while buying a house for the first time. Make sure to make the right investment that fits into your vision for the present and the future.