May 1st is “New Homeowners Day”, so we thought we’d share some of the common mistakes first-time homebuyers make, and how to avoid them.
Going it alone: especially for first-time homebuyers, trying to navigate the real estate market with a REALTOR can be confusing. The money you save on commissions can quickly disappear with a botched deal or unforeseen house issues. A licensed professional will make this process a lot easier and stress-free for you.
Shopping with your heart, not your head: while you want to ensure you love the home you’re going to buy, making purchasing decisions on a first impulse is a bad idea. Always do your homework.
Going for the ‘fixer-upper’ due to price: buying that older, worn down house just because it’s cheaper, isn’t actually going to save you money in the long run. There are lots of pros and cons to these purchases, but make sure you really take into account the money you’ll have to spend upon purchasing the home.
Committing out of your price range: you won’t really run into this issue if you’re using great professionals, but you never want to commit to more than you can afford. Being “house poor” is not the way to jump into homeownership.
Not researching the neighbourhood: don’t just take into account the home you’re looking at when doing your research, pay attention to the community and surrounding amenities. You want to think about: your lifestyle, future value and conveniences.
Do you have questions about going into the real estate market for the first time? Feel free to contact usanytime or find us on Twitter.
