At the same time, it is one that is filled with steps and details.
Deciding which home to purchase and which mortgage to borrow are decisions that have lasting consequences.
As you embark upon your home buying excursion, keep in mind these common mistakes of first time home buyers.
Purchasing a home too fast. Perhaps it's the excitement of purchasing the first time.
Or maybe it's a fear that the ?perfect? home will be purchased by another borrower. Whatever the reason, many first time home buyers make the mistake of rushing through the home purchasing process.
They tend to spend too little time searching for the right home. Often first time homebuyers end up dissatisfied with the home they've purchased.
Buying too much home. Another mistake made by first time home buyers is purchasing a home that's right at, or even a little beyond, their limits.
Many times this leaves the new homeowner with little or no disposable income. What good is a large home if you are unable to furnish it? None at all. Purchasing a smaller home and leaving yourself some wiggle room is much better than eating up your monthly income with mortgage payment.
Holding out for the dream home. First time home buyers might pass up several houses they like because they believe that there is a better house out there for them ? one that is complete with everything they want and need.
In the meantime, houses that have most of the items they are looking for are being taken off the market by other buyers.
If a significant period of time passes, market prices could go up and the first time home buyer ends up paying more for a home than expected. Even worse, the buyer ends up so worn out from house shopping that he, or she, ends up settling.
Not getting mortgage pre-approval. A pre-approval will do wonders for the first time home buyer's shopping experience. Being pre-approved for a mortgage gives you an idea of what you will be able to pay for a home.
Some first time home buyers, not realizing the value, forgo pre-approval to get a head start on home shopping. What's the worst that could happen? You could find a home you absolutely love and fail to obtain financing for it.
Not comparing mortgages. Shopping around for a mortgage is just as important as shopping around for the home.
Many first time home buyers do not realize that mortgages from different lenders have different costs and different terms.
There are so many cost factors of a mortgage that can vary from one lender to the next. It only makes sense to shop around for the best deal.
Be informed of the steps that you must take and the decisions you must make as a first time home buyer. Information and education are the best tools to equip you in the process of purchasing your first home.
For most of us, buying a house is something we will only do a handful of times.
It’s a necessary evil that we have to put up with so we can live in the house of our dreams in the perfect area.
There are some people who enjoy the process so much that they set up as property consultants, to help other people get the dream home they’ve always wanted.
A lot of these property consultants operate in the commercial sector, but there are some that help residential buyers as well.
To help you get your next property purchase correct, here are some of the property consultants’ house buying tips:
Research research research The key to any good purchase is looking into every factor that could affect the house in any way. And that doesn’t just mean prices – that’s the easy bit, using the internet and your local newspaper to look at how much similar properties sell for locally, and how that compares to the countrywide property prices.
Property consultants say the research you should really do is what it’s actually like to live in this house. Don’t be afraid to knock on neighbours’ doors and ask them if there are ever any problems in the street. Park up and watch what happens during busy drive times. Is this road used as a rat run or by local school kids as a short cut to school? Is there a kebab van parked here for local clubbers at 1am every morning?
Similarly scan the local paper for crime reports in the area. The best thing you can do is keep your eyes open – it’s amazing what you will spot when you look for it.
Carefully think it through You should consider your lifestyle and how you want this house to fit into that. Look at the location of shops, schools and other amenities and ask yourself if the house is in the right place. If you enjoy going to the gym three times a week, will you still be able to do that if you move five miles down the road? It’s the little things that people can overlook.
Never judge a house by its decorating Don’t like the wallpaper? Think the kitchen is a 1970s throwback? Not a problem – you can replace these items. Décor should never be a reason to reject a house. Yes, you should ensure any modernising needed is reflected realistically in the price, but it shouldn’t become a deal breaker.
Top property consultants advise you focus on the things that are very hard or expensive to change, such as a sagging roof or dark rooms without much natural light. It’s nice to walk into a house which doesn’t need much work doing to turn it into your home, but can be rare.
It’s also worth bearing in mind the owners will have done things to property to make it seem more attractive to you. If a bedroom looks lovely and spacious, ask yourself if they have removed essential furniture to make it seem that way! Focus more on how easy or difficult it will be to fit your furniture into this space, rather than what’s already there.
Ensure your head and heart get an equal say We’ve all done it: fallen in love with a property and managed to justify its purchase within our own head, despite the fact the roof is about to fall off and the neighbours hold raves in their garden at 4am every Sunday.
Equally, if you have ever bought a house because “it looks good on paper", that is just as bad. All property consultants agree that your purchase should be a fine balance between what your heart and brain want. Find a sensible property and ensure you can fall in love with it, especially when you have spent time making it into your home.
Both Geri Mason & Dave Fisher are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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