Mistakes First Home Buyers make when they buy a house
ByMohsin Ravjani
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Mistakes First Home Buyers make when they buy a house
Buying your first home involves a lot of research and effort. In spite of all the resources available to help First home buyers, people tend to make mistake when they buy a house for the first time. Here are few of common mistakes that you can keep away when you go out to buy a house.
Not collecting adequate information: A lot of homework needs to be done before one commits to buy a house and makes payments. The best way of obtaining relevant information and tips for first home buyers would be to get advised by an experienced realtor. Real estate professionals represent their client’s best interests and not gaining maximum advantage from their expertise can be grave error of judgment for new home buyers.
Forgetting to have a house inspection before closing the deal: One should not buy a house without getting it thoroughly inspected. Home inspectors should be able to describe in advance about their services. Usually home inspectors check the plumbing, foundation, structure, electrical works, roof, heating and air conditioning system and the garage and the basement. Though important, not all home inspectors check the house for termites, radon, asbestos, mold and lead problems.
Not setting a budget before buying a home: Buying a house that is well above their budget is one of the common mistakes first home buyers tend to make. Prioritizing one’s needs and expenses, setting a home-budget that is comfortably within one’s means is critical in home purchasing. Experts say that ideally, one’s total monthly debts, including mortgage, should not exceed 36 percent of one’s income before taxes.
Overpaying for the new house: One of the common mistakes of first home buyers is neglecting to find out what exactly is the cost of the house that they are about to buy. The best way to find that out is to compare the cost of the house with the current costs of similar sized houses in the area.
Everything but the community: As social beings, people have the need to be well adjusted to their surroundings and neighbors to feel satisfied. The cheapest house may not come along with the best locale, good schools or crime-free areas. When you buy a house, the location is also important if the owner decides to re-sell the property after a few years. The best thing is for one to research about the community through the internet, papers, locals etc.
Forgetting closing costs: One of the cardinal rules for first home buyers is never to forget that there are closing costs in every home transaction deal. Closing costs can run up to 2 – 5 percent of the home’s total cost. A mortgage lender should provide the home owner with a specific estimate of what costs will be. It is also important to remember that origination (points) on a loan, escrow fees, title and homeowners insurance, legal costs, property taxes, fees to record your new deed and notary fees all can increase the money which is not usually thought of by many people when the housing budget is planned to buy a house.
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