Buying a home is an exciting and celebratory milestone, especially when you’re making the purchase for the first time. Unfortunately, it’s easy to be blinded by the excitement of the home search, and that might cost you thousands of dollars during the homebuying process or even after you’ve moved into the house. To avoid all this, here are three common mistakes first-time homebuyers make that you need to avoid:
Not Hiring a Buyer’s Real Estate Agent
Over 90% of sellers use an agent when selling their homes. This means that if you choose to buy a home without the help of an agent, you’ll likely be dealing with the seller’s agent (someone obligated to secure the best selling price and terms for their client, the seller). As a first-time buyer, this is a big pitfall that may cost you both financially and mentally. Hiring an exclusive buyer’s agent will ensure that you have an expert who has your best interests at heart and will help you get a good deal.
Shopping for a Home Before Preapproval
Typically, it’s more fun to look for a home than it is to talk about finances with your lender. So, many first-time homebuyers start to search for homes before finding out how much they can borrow. As a result, they’re disappointed when they discover that they were looking in the wrong price range and can’t afford the home they’ve found. To avoid this common mistake, you should get preapproved before you start your home search. Keep in mind that preapproval will also make your offer more competitive as you can show the seller that you can back up your bid.
While buyers are increasingly choosing to skip inspections, especially in today’s hot Tampa market with bidding wars, the safety inspections offer shouldn’t be undervalued. In fact, a study has shown that over 86% of home inspections will find an issue that requires fixing. As such, inspections are crucial to avoid structural issues and repair costs in the future. Moreover, you can use inspections to negotiate repair costs or a lower purchasing price with the seller.
Avoid Common Mistakes First-Time Homebuyers Make!
You can steer clear of the mistakes many first-time homebuyers make by following this simple guide! For more information on how to avoid common mistakes that first-time homebuyers make, feel free to contact our experts!