Real Estate Investing Information » First-Time Home Buyers

Avoid the 10 Most Common, Painful, Frustrating Mistakes First-Time Home Buyers Make

Buying a residence can be a hair rising experience. You will experience a roller coaster of emotions while finding the right place, securing the loan and finally moving in. For most of us, the first time home purchase is the largest investment we’ve ever considered. The emotions of purchasing something so expensive and personal can often cloud our business judgment.

Most home purchasers do little or no research before they invest their nest egg. Doesn’t it make sense to become as completely informed as possible before you buy your first home? This special report is designed to help you avoid 10 common and crucial mistakes. The right real estate professional can help you make good sound business decisions based on your personal situation.

Inspect, Inspect and Inspect - Go over the inspection report with a fine tooth comb. Make sure the report was done by a professional organization. For condo purchases go over the CC&R’s, By-Laws, and Association Fees. Don’t take anything for granted... inspect everything!

Imagine the Property Vacant - Your furnishings and decorations will be the ones filling this new residence. Don’t be swayed by beautiful furniture; it leaves with the owner.

Income + Lifestyle = Mortgage Payment - Sit down with your professional real estate agent and honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities, and fix-ups. Your dream home is certainly worth a sacrifice but don’t mortgage your entire future.

View Several Homes - See at least 7-10 properties. Don’t move too slow but don’t move on the first property you see. With your agent’s help you should be able to view enough properties to get a good overall perspective of the home market. When you find the right property all the leg work will be worth it.

Utilize Your Team - By aligning yourself with the right real estate professional you will have an entire team at your disposal. Utilize your lender, title rep and agent. Each of them is supposed to work hand in hand for your benefit. Explore all the options before you sign.

Be Columbo - Check out all costs and expenses earlier than you sign. Utilities, insurance, taxes, maintenance and home owner dues if applicable. Ensure all utilities (gas, electricity, and water) are on during tyour walk-through so you can examine the whole thing in working order. Request lots of questions and be very detail conscious.

Do a Final Walk-Through - Visit the property later than all furnishings have been moved out to be certain there are no surprises. Be completely positive the property was left precisely as you had agreed upon in the contract. Things that might have been spotted in a final walk-through are frequently unintentionally overlooked.

Plan For Flexibility - Closing dates are not written in stone. Permit for contingencies and have a back-up plan. If you or the sellers require a little more time to bring to a close the final arrangements, don’t let these delays upset or irritate you. These types of circumstances are not unusual in a real estate transaction.

If It’s Not In Writing, It Doesn’t Exist - All promises and discussions be supposed to be in writing. Don’t make any statement or believe any assurances. Even the best intentions can be misinterpreted. Have your expert keep an ongoing log in writing of all debate and get the seller’s on paper approval on all agreements.

Loyalty Breeds Loyalty - Be open, truthful and up front with your team. Hard feelings and disloyalty will grounds head aches, delays or might even keep you from getting into the home you worked so hard to locate. Take the time to choose the right team in the beginning and your first home purchase will be a pleasant and memorable experience.