Common Mistakes First Time Homebuyers Make and How To Avoid Them

1

Many people consider buying a house as a landmark of success. There is an unmatched sense of freedom and pride in having a place you can call your own. While buying a house is a good financial investment, there are very important things one must consider before diving into the realm of real estate. Here are a few mistakes to avoid while buying a new house.

Overestimating Your Current Financial Situation

Before everything, you have to first ask yourself: “Can I afford to buy a house now?” Some people tend to rush into buying a house without being sure if this financial move is a commitment they can really pull off.

According to the National Research Association, the biggest share of home buyers are millennials. Sixty-six percent of these buyers are also first-time home buyers. While buying a house is a good investment, it entails more responsibilities than how it is generally perceived.

Due to societal pressure, millennials often think that they need to own a house before they turn 35. In buying a house, your age is the last thing you have to consider. It is more on the stability of your financial situation where the emphasis should be.

You should be sure that your Mortgages, Homeowners’ Associations Fees, Taxes, costs of insurances and others are within your earning capacity. Not just that, you are going to need an ample amount of cash when you finally move in. Repairs, renovations, and additional unexpected costs are bound to come up once you have settled in.            

Related:
Buying a Home in the Mountains of North Carolina

Disregarding “Location, location, location”

You might have already heard of this clichéd tricolon that real estate agents use as their watchword. Apparently, “location, location, location” is indeed a great and essential mantra to keep in mind. It is important to consider the location of the house you’re planning to buy vis-à-vis its proximity to good schools, grocery stores, and parks, among others.

You can buy that big beautiful house of your dreams but if it is located in the middle of nowhere, eventually you’ll get tired of having to go back and forth from your house to the grocery store for that 1 pack of Cheetos.  A factor to consider in looking for houses with a good location is the number of schools nearby.

Prices of houses near schools tend to get competitive. Another would be its proximity to supermarkets and malls. Houses near commercialized areas tend to be pricier but more in demand. Bill Eckler, an agent with Michael Saunders & Company always advises that “one should never purchase a property without first considering the ability to resell it.”

Interiors and Exteriors: Not Looking Beyond the Paint

Some homebuyers miss out on great and quality house deals just because they fail to see the potential of a house. People have the tendency to look at it for what it is than what it could be. To avoid committing this rookie mistake, hiring a professional interior decorator would be a good choice.

With the right use of space and a harmonious play on the various elements of design, a plain jane house can be transformed into a modern classic.  Your dream house is not as far-fetched as it seems because your fairy godmothers (a.k.a. interior decorators) are there to help. If you’re thinking about hiring a professional interior decorator, it is good to know that some of them offer free initial consultations like the famous Cincinnati interior decorator, Decorating Den Interiors by Erika Lee.

Choosing a new home can be both an exciting and overwhelming experience especially for first-time buyers. Taking into consideration your earning capacity, the scalability of the property and the location of the house are among the many factors you need to consider in making this decision.

1 COMMENT

  1. […] Common Mistakes First Time Homebuyers Make and How To. – Some people tend to rush into buying a house without being sure if this financial move is a commitment they can really pull off. According to the National Research Association, the biggest share of home buyers are millennials. Sixty-six percent of these buyers are also first-time home buyers. […]

LEAVE A REPLY

Please enter your comment!
Please enter your name here