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When it comes to buying a home, you'll find that there are many considerations. Taking the time to educate yourself is very important, especially since it can help you to learn from the mistakes of other people. This way you don't make these mistakes yourself and end up in a home you don't really want. Here is a closer look at some of the most common mistakes that first time home buyers have made so you can ensure you don't make these expensive and dangerous mistakes yourself.
Mistake #1 - Forgetting to Prepare
One big mistake you need to avoid when buying a home is forgetting to prepare ahead of time. Once you make your decisions, it's easy to forget about preparation. However, if you forget about the preparation, your home buying experience may turn into a big disaster. After you sign a contract on a home and then you suddenly change your mind, it's almost impossible to be released from that contract. If you prepare ahead of time and avoid making fast decisions, you won't end up suddenly wanting out of a contract.
Mistake #2 - Over Buying
Another big mistake you need to avoid making when buying a home is over buying. It's not good to be "house poor." While a big home is wonderful, if you don't have the money to fill it with furniture, it will feel cold and empty. It can get very stressful as well if all your money is going to pay for your home. Pushing beyond your limits can definitely cause a problem in the future and it could even lead to foreclosure on your home. You're best to give yourself a bit of breathing room when purchasing your home.
Mistake #3 - Not Realizing No One is Representing You
First time home buyers often make the mistake of not realizing that no one is representing them until it is far too late. You may think that the agent you're working with is representing you, but they could actually be representing the seller. This can happen when you rush out and contact the listing agent on the home or you decide you want to save money and represent yourself. It's best to have someone on your side, especially if you are purchasing a home for the first time.
Mistake #4 - Not Taking the Time to Compare Mortgages
Not taking the time to compare mortgages is another mistake you'll want to avoid if you're interested in buying a home. You'll find that there are many different variables to consider, such as term, type of mortgage, lender, and more. This means that you really should be comparing the options available very carefully. Don't go with the first option that is offered to you, no matter what it is. Look at your options and find the one that will offer you the best advantages while fitting your unique financial situation.
Mistake #5 - Taking Shortcuts on Home Inspections
Last, you want to avoid taking any shortcuts on home inspections when you're buying a home. Don't skip out on the whole inspection on the home and don't try to scrimp by having a friend or family member do the inspection when they have little experience. This means you could end up overlooking possible hazardous or expensive problems. Go ahead and spend the couple hundred dollars and have a professional inspection done on the home before you buy it.
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