Buying your first home is an exciting time, but it’s also filled with many questions. If you are like most newcomers to home buying, you are going to make some mistakes during the process. While you can chalk many of these up to learning opportunities, you can also avoid some common mistakes our real estate agents see time and time again. Here are some we want to help you avoid in your search for the perfect first home.
- Being Swayed by Over-the-Top Features
Sure, a pool looks inviting and cool in a new home, but do you really have the time and money to keep it maintained? Does that stunning landscaping look like something you would be able to keep up with? Make sure you aren’t swayed by over-the-top features that, after your initial excitement, really don’t provide your family with much benefit.
- Getting Emotionally Attached
There are many beautiful homes in Columbia. Don’t get emotionally attached to the first one you put an offer on. There are so many things that can go wrong, from problems found during inspection to a seller who isn’t willing to give any concessions, and if you’re emotionally invested in the purchase, you’re going to have a very hard time walking away if the terms of the home’s sale aren’t in your favor. There will be another beautiful home if this one isn’t the right one.
- Not Using a Real Estate Agent
Yes, you can buy a home without a real estate agent, but it’s not wise, especially your first time around. Not only does an agent have better abilities to search for available homes and zero in on those that would meet your needs well, but real estate agents understand the process well and can guide you through negotiations and paperwork until the house is actually yours.
- Jumping Into Remodeling Too Quickly
Many first-time buyers are embracing the idea of buying a “fixer-upper.” However, before you take on any major repairs, wait a bit. This will help you understand how you are going to live in your home, so you don’t put up a wall in an important area of flow. It will also help you get a feel for the true costs of homeownership, so you don’t spend money on remodeling tasks when you don’t really have the money to spend.
- Piling on the Credit
Your mortgage is likely the largest chunk of credit you’ve ever had. Before you start making additional purchases, like for furniture, you need to make sure you’ve figured out your new budget. Remember, your mortgage, utilities and overall home maintenance are likely going to cost more than the costs of renting did, so make sure you understand what you’re dealing with before you pile on the credit card bills.
- No Savings Plan
Buying a home is not the end of the road for homeowners. You’re going to have times when you want to put money into that home down the road, and you’re going to face unexpected costs for repairs and maintenance. Make sure you’re still saving every single month.
At Columbia Real Estate, we want your first home purchase to be an exciting time. By avoiding these first-time buyer mistakes, you can enjoy the thrill of homeownership with much less stress. For more information about buying your first home, contact Century 21 Community today.