Five Common Mistakes Made By First Time Home Buyers

Southern Coast Realty

Five Common First-Time Home Buyer Mistakes

1. They don’t ask enough questions of their lender and end up missing out on the best deal.

• How much house can I buy? How much can I afford? 
• How do I know I am getting a good deal on a mortgage?
• What first time home buyer programs are available?
• How much will my closing cost be?
• How much should I offer on a property?
• Should I spend the money to have a home inspection done?
• What is in an appraisal, should I have one prepared and will the lender require one?

2. They don’t act quickly enough to make a decision and someone else buys the house.

• This is where the services of a qualified agent are helpful. A good agent will provide enough information for you to make a sound and timely decision.

3. They don’t find the right agent who’s willing to help them through the home buying process.

• As in any profession there are always motivated and professional individuals who care about their profession and their client’s interests. There are also some who are not so professional and are simply hoping to get paid for not doing too much. Your interests and your money is at stake. Be sure to use a professional who stays on top of the market and has a track record.

4. They don’t do enough to make their offer look appealing to a seller.

• Terms and conditions are often just as important as the price you offer. A good agent can often find out from either the seller or their agent what terms might be attractive to the seller and help you craft your offer accordingly.
• A pre-approval letter from your lender strengthens your offer.

5. They don’t think about resale before they buy.

• The average first-time buyer only stays in a home for three or four years.
• Resale does not just mean price. Location and property condition can often greatly determine how long it will take to sell.