For most people buying a home is the largest and most important purchase they will ever make. The decision to do so should be well-informed and thought out. The real estate market can be a scary place with all kinds of potential pitfalls, especially for those with little experience. This article outlines some of the major mistakes that first-time home buyers can make.
Failing To Budget Properly
After browsing through all of the latest Comox MLS listings, it is all too tempting to rush into purchasing a property before thinking carefully about what you can afford. When planning your budget, don’t forget to take into account all of your income and expenditures. You may technically be able to get a mortgage for your dream house, but can you afford the monthly payments? If you aren’t careful, you may find that you are living in your ideal house, but cannot manage to afford anything else.
Forgetting The Hidden Costs
There are lots of hidden costs in purchasing a property. Don’t forget to budget for all the expenses you are going to encounter, such as the appraisal fee, house inspection costs and of course, decorating and furnishing your new house. Things like repairs, and general maintenance should also be taken into account because they add up quickly.
Not Getting A Home Inspection
Too many first time buyers forget to have a house inspection, only to discover a whole host of problems after purchase. These range from damage that needs repairing to outstanding boundary issues. Making sure that the house actually is as good as it seems, and worth the small fortune that you are going to invest into purchasing it is extremely important. So take the time to have on done.
It is easy to get excited when purchasing your first home. It is a dream for most couples, and often years in the making. But that doesn’t mean you shouldn’t think things through carefully, and get it right. It will serve you down the road.
So avoid these common mistakes that first time home buyers make, and enjoy your new home! Don’t hesitate to check out some more of our real estate tips to make sure that you are as prepared as possible.