If you have decided that you are going to buy a house, don’t just go to a dealer and seal that deal. There are a lot of things you need to pay attention to, especially if you are a first time home buyers, for avoiding great mistakes and wastage of time and money.
Here are 4 common mistakes that first-time real estate buyers make and how to avoid them.
Not deciding the budget and choosing a risky loan: Alert first time home buyers! Hoping to buy a fantastic home is of no value if you haven’t yet set your budget. Many first time home buyers take immense pleasure in visiting a lot of houses and when they like one, either it’s too high or too low on their budget. Also, some new buyers don’t educate themselves about loan issues and end up applying for a too high and risky loan. Ultimately, they regret it later.
How to avoid this mistake?
Set a budget that is affordable to you and then goes for house hunting. This saves you a lot of time. Also, don’t apply for risky loans. Study your income, expenses and other loans, if any, and then apply for a loan that you are comfortable with. A great way to avoid wastage of time and money is to pre-approve your home loan before you seriously start looking for a house.
Not linking up with a realtor: Most people have the mindset that realtors are of no use or are expensive while buying a home. First-time buyers often think that hiring a realtor is going to make them spend more money. They single-handedly buy a house, and afterward, realize that they made some significant mistakes.
How to avoid this mistake?
Firstly, acknowledge the importance of a top realtor. Hiring a realtor is an excellent investment that can save you tons of money and time and help you a smooth real estate transaction. They answer your queries, provide you with the right information, guide you in the right direction and help you seal a great deal. One can get great realtors who are good at real estate business at FastExpert.
Investing all your savings: If you are buying a brand new house, then you may need to paint, furnish and secure it. If you are buying a pre-owned house, there are chances of more expenses to repair any breakage, cracks or scratches. Home buyers, especially new ones end up using all their money on that house and later find themselves in a hole.
How to avoid this mistake?
Save enough money to make down payments, close the deal, for repairing of essential elements of the house. Cut off any unnecessary expense as much as possible. Make a clear budget so that you don’t end up falling into a vicious debt circle and find yourself broke all the time.
Not investigating everything about the house you are going to buy: First-time real estate buyers usually fall in first-sight-love with the house they choose and seal the deal. Some go with the sellers and hurry to buy that house. This often lands them in a pool of problems and mistakes. They usually don’t visit the home they choose and don’t surf the neighborhood properly.
How to avoid the mistake?
Note down all the positive and negative points of the house you have selected. Discuss all the points with a realtor and your partner, if any. Don’t hurry to buy the house. Visit the place multiple times before settling for the deal. Surf the neighborhood, the marketplaces, check out the environment, the transportation, hospitals near it if any.
Pay close attention to these areas before you finally seal the deal and become a homeowner.
FastExpert 
Leave a comment