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Worst Mistakes Made by First-Time Home Buyers

Owning a home has long been a quintessential symbol of achievement. It is a dream shared by many and tops the list of everyone’s bucket list.

Buying a house is a big financial step. Since things like this doesn’t happen often enough, a lot of buyers end up committing mistakes. As a result, they get stuck with the consequences for a long time or find themselves in a financial nightmare.

Before you unlock the door to homeownership, you might want to read this blog post first. Here, we have compiled some of the most common mistakes first-time home buyers make, along with some suggestions on how to avoid them.

Failing to consider additional expenses

A lot of people think that they are ready to buy a house just because they were able to save enough money for the down payment. But if you are gearing up to buy your first home, you also need to take into account additional expenses such as home inspection fees, closing cost, insurance, property tax, moving cost and others.

Not thinking long-term

When buying a house, you need to ask yourself how long are you planning to stay in the house. While it’s hard to tell the exact amount of time, you need to make sure that you’re going to stay put for at least 5 years. Otherwise, you won’t be able to recoup your investment.

If you aren’t certain that you’re going to stay that long, you might want to re-think your plans of buying a house.

Looking for the perfect home

Every buyer wants the perfect home – a house that is located in a good neighborhood, has all the features they want in a home, free from issues, and sold at an affordable price. We hate to break it to you, but there is no such thing as a perfect home.

In search for the perfect home, a lot of buyers make the mistake of passing up on the properties they like, thinking there’s always a better deal just around the corner. Before you go out there and start looking at house, we recommend that you do some research, determine your budget, the value of properties in the area you’re interested in and list down your must have features. After all, every buyer’s goal is to find a lovely house at a price that they can afford.

Skipping home inspection

Considering the cost of buying a home, you may be looking for ways to save money elsewhere. More often than not, home buyers choose to skip the home inspection thinking it’s not really necessary. Sure, it’s an optional step, but it provides critical information about the condition of the house. Hence, providing you an option to negotiate for a lower price, ask the seller to fix the problem or back out of the sale. Don’t skip the home inspection.