By Desare A Kohn-Laski
First time home buyers are usually delighted with the daunting task. If you belong to this group, perhaps you might be too busy preparing for the big purchase. Yet, let us take a little of your time to arm you with the knowledge about the top 5 mistakes you should avoid.
Undetermined price range for the house to buy
During the house hunting stage, many first time home buyers get overwhelmed with the beauty of the homes they see such that they forget the real goal of looking for the house that fits their purchasing and credit power. While it is important to know the details of the house such as the kitchen layout, backyard footage, number of rooms, and so on – you should also delve into more important aspects that will help you step closer towards owning that house of your choice – and that is researching about home prices and seeking pre-approval for a housing loan.
Assuming foreclosures are best deals
Not all foreclosures will turn out to be good buys. You should always learn to outweigh the advantages over its disadvantages. There could have been savings on buying a low-priced foreclosed home but this amount could be eaten up by the amount you have to spend on fixes. There are instances when foreclosed homes stayed long enough on the seller’s market such that there could be some vandalism on the property requiring you to make a massive cleanup. If you are eyeing a foreclosed house, make sure to conduct an ocular inspection.
Not settling other debts first
No one is depriving anyone to buy his own home, but you should at least settle other debts first before delving into the big decision. You’ understand better its importance when you are already paying your monthly dues for the housing mortgage you obtained. If you have been unable to do such before you seek approval for a home loan, you may just end up like other home buyer – their homes have been foreclosed even before finishing the terms of the housing loan because they were unable to fulfill the monthly obligations. This is the result of piling interest rates of the other debts they forgot to settle.
Skipping multiple visit of the property
No one prevents you to bid on the first house you see. But you should never forget to perform multiple visit of the property. During your first ocular inspection, you could have missed some details. The home seller might divert your attention to other things blocking your thoughts of more vital details. To be confident that your choice is right, make sure to visit the house several times and on different schedules. Have a drive on the area at night time when most residents are at home to see whether the neighborhood is peaceful and desirable.
Not seeking professional help
As a first time home buyer, there are many things that might just be in the grey area. Despite knowing the basics, there can still be matters that are far beyond your expertise. The real estate industry is full of professionals to help you realize your dreams of owning a house. You should not hesitate to seek their services for their expertise on home buying and other related matters are shaped not only by knowledge but also by experience.