Buying your first home is an exciting and nerve-wracking experience most of us are fortunate enough to endure. Unfortunately, many novice homebuyers tend to rush into the process because they either don’t realize how involved and in-depth the process is or, more likely, they’re tired of renting and want a big house with the white picket fence and garden. This can leave plenty of room for mistakes when buying a house for the first time and here are the top 3 most first-time homebuyers make:
- Waiting too long to put an offer together.
In the current housing market, success is measured in hours, not days. If you see a house you like, you have only a short amount of time to put together a strong offer to try and get it. With multiple offers over asking price and some all-cash, you can’t just throw in a low-ball offer anymore and expect to get away with it. When you find the right house, you must take a bold leap of faith and put your best foot forward- and quickly.
- Having too much debt before trying to buy a home.
Student loans, shiny new cars, and mounds of credit card debt are only going to leave you scratching your head when the bank tells you they can only offer you a fraction of what you’ll need to buy your first house. Can you really afford the down payment, closing costs, inspection fee, and monthly payments?
Make sure you are financially prepared to handle the extra debt before asking for a loan and give yourself a good reality check by asking the difficult questions.
- Not checking your emotions at the door.
Complaining about the paint colors or choice of carpeting will put you in a bad light with the sellers, and in a market with multiple offers where everyone seems about the same, most people tend to sell their houses to people that seem to genuinely love it. Save your nagging for the realtor. After all, isn’t that what you’re paying them for?