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First Time Home Buyer Mistakes!!

Dated: 09/25/2018

Views: 109

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1. Going out and searching properties without being financially qualified:

It is very important to make sure you get a pre-qualification letter before you go out and start looking at homes. Why do you need a pre-qualification letter? Because you don't know what you can afford until you have been told by a Lender what you can afford. Make sure you talk to a lender. You agent should know lenders they can recommend to you if you don't already have someone in mind.

 

2. Looking for a unicorn:

That checklist that has everything that you want in a house doesn't exist. It only exists in your mind. If you were to find a home that hits everything on your checklist then it's probably more than you can afford. If you find a home that hit everything on your checklist and in your price range, then that's great for you!! 

You will more than likely will have to make some adjustments to what you are looking for in a home. 1. Going out and searching properties without being financially qualified:

It is very important to make sure you get a pre-qualification letter before you go out and start looking at homes. Why do you need a pre-qualification letter? Because you don't know what you can afford until you have been told by a Lender what you can afford. Make sure you talk to a lender. You agent should know lenders they can recommend to you if you don't already have someone in mind.

 

2. Looking for a unicorn:

That checklist that has everything that you want in a house doesn't exist. It only exists in your mind. If you were to find a home that hits everything on your checklist then it's probably more than you can afford. If you find a home that hit everything on your checklist and in your price range, then that's great for you!! 

You will more than likely will have to make some adjustments to what you are looking for in a home. Your house should meet about 75% of your criteria. Then it is up to you to make up the last 25% to make it perfect for you.

**Remember—You are not living on HGTV

Buy something you can add your own touches to.

 

3. Using the listing agent to represent you:

The listings agents’ best interest is in saving the listing client. You want to have someone in your corner!!

4. Looking too much into the homes online value:

ZILLOW=Not the place to decide on the price on the home you want. The best thing is to not trust a website with the value of the home. How can you know they value of a home you’ve never been inside of? The best thing is to get the opinion of a real estate agent for what they see the market value could be.

 

5. Expecting your house to increase in value:

When you buy your home, it might increase in value. However, it could also decrease in value depending on the market.

You should be buying your home because it’s a smart financial decision.

You CAN’T Control the Market!!

Make sure you are buying for the right reasons and don’t try time the market.

 

6. Under estimating your expenses:

For example: the utilities and unexpected repairs that might need to be done after the home closes.

It’s best to budget about 1% of the purchase price for yearly maintenance, repairs and major yard work. Expect the unexpected.

 

7. Feeling rushed:

Don’t ever let anyone force you to make a decision or to put in an offer before you are ready.

However, if you see the market is moving quickly it might be in your best interest to move quickly so you don’t miss out on your dream home.

It’s ok to educate yourself on the market, but when you are ready to put in an offer—do it quickly and aggressively.

8. Falling in love with the house:

This to me is one of the biggest mistakes.

Okay you are out with your real estate agent to look at a couple of homes. The first home you walk into is the perfect on for you. You can imagine yourself sitting in the dining room, picturing exactly where your furniture is going to go and decide to not look at any other places. So, you go home that night and think about what you would like to do about putting an offer in on this house. However, know that houses can disappear. By the time you are ready to put in an offer the home could be taken off the market by another buyer.

So, you have now lost the perfect home that you loved. So, your real estate agent takes you back out again. This time it will be hard to look at other homes because you already fell in love with that home you lost. You could potentially lose out on homes that closely fit your criteria.

Remember, a home is always right around the corner that will be going up for sale and it’s an even better home. So, do lose hope and don’t fall in love with the first house you walk into. Give it time. If you know that for sure is the home, you want make sure you put in an offer right away. But, always know in the back of your mind that by the time you do that someone else could have just received an accepted offer on the same house.

Happy Shopping!!!!

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Julia Sullivan

My goal in real estate is to provide the assistance needed for the buyer and seller to come together. I understand what is important to my clients. Buying or selling a home is a major decision; I want....

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