If you are at last preparing to buy your dream home, you should navigate the process with care. As a first time home buyer, you will want to be especially careful about avoiding some common pitfalls. By staying away from these five common mistakes, you can dodge some major hassles and enjoy your home for years to come.
1) Asking the Seller to Make Extensive Improvements
While you’ll generally be allowed to ask the seller to make small modifications to the framework of the house, extensive renovations can push buttons and potentially take a deal off the table. A request to install new windows and doors, for example, may be met with irritability. Unreasonable upgrades to the electrical or plumbing systems might even cause the seller to refuse your offer.
2) Doing It All Yourself
Failing to procure a realtor could make more work for you, with less benefit. Real estate agents are usually knowledgeable and up to date on listings, so they will generally be able to steer you toward eligible properties that may take you more time to discover, if you do at all. Whether you are looking for a majestic Victorian mansion or a small single-family dwelling, a realtor will be the key to gaining access to the property. A professional will also be able to guide you through the paperwork so that the financial nuances are properly handled.
3) Failing to Research Mortgage Options
Limited credit can create some challenges to buying a home, but an experienced mortgage specialist can help you navigate your options. The key is to be proactive and take charge of your financial situation well in advance. If your lending possibilities are limited, you may need to think about making a larger down payment or obtaining credit through a different bank. Again, a mortgage specialist can help guide you down the right path to home ownership.
4) Making a Lowball Offer
As a first time home buyer, lowballing the seller can be a big gamble. If you come in way under the asking price, the seller will be unimpressed. Only lowball if you are truly prepared to walk away from the property without regret. If the house has beautiful bedrooms, a lovely kitchen, grand hardwood floors and an elegant fireplace, you can save yourself a tremendous amount of hassle by simply meeting the asking price at the outset.
5) Ignoring the Neighborhood
While buying a stylish house is crucial, you should also collect information on the surrounding neighborhood. When nearby residents keep their yards in proper order, your house will effectively retain its value through the years. Having looked into schools, playgrounds, cultural attractions and parks, you can make an informed decision that will pay dividends going forward.
Buying your first home is an exciting and sometimes complicated endeavor. First Mortgage Solutions is here to help you find the best mortgage solution for your individual needs. Speak with a member of our team today to start your path to home ownership!
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