Steer Clear of These First-Time Homebuyer Mistakes

Dated: February 20 2024

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Buying your first home can feel overwhelming, but you can make it easier by learning from others' mistakes. Here are some things to watch out for and avoid:


1.     Not Being Financially Ready: Make sure you understand all the financial aspects of owning a home, like having a good credit score, a steady job, enough money for a down payment, and savings for emergencies.


2.     Not Getting Pre-Approved: Don't start looking at houses without getting pre-approved for a mortgage. If you do, you might end up with the wrong idea about what you can afford, and sellers might not take you seriously.


3.     Sticking with the First Lender: Don't just go with the first lender you talk to. Shop around and compare rates and terms to make sure you're getting the best deal.


4.     Forgetting About Government Loans: Look into loans like FHA, VA, and USDA loans, which can be great options for first-time buyers with good terms.


5.     Ignoring Credit Report Mistakes: Check your credit report for mistakes before you apply for a mortgage. If there are errors, they could make it harder for you to get approved.


6.     Thinking You Need a Huge Down Payment: You don't always need to put down 20%. Look into different loan programs and down payment options to find what works for you.


7.     Spending Too Much: Stick to a budget that includes all your monthly expenses and home costs so you don't end up in over your head.


8.     Skipping Home Inspections: Don't skip inspections. They can uncover problems that could cost you a lot of money later on.


9.     Not Researching the Neighborhood: Make sure to check out the area where you're thinking of buying. Look at things like safety, schools, and how easy it is to get around.


10. Not Using a Buyer's Agent: It's a good idea to work with an experienced agent who can help you through the process and make sure your interests are protected.


11. Leaving Out Contingencies: Make sure your offer includes things like a home inspection and financing contingencies to protect yourself.


12. Letting Emotions Take Over: Try to stay level-headed, especially during bidding wars. Making decisions based on emotions can lead to regrets later on.


13. Underestimating Moving Costs: Remember to budget for moving expenses like hiring movers, buying packing supplies, and setting up utilities.


14. Making Big Purchases Before Closing: Avoid making major purchases, like buying a car, before closing on your home. It could mess up your mortgage approval.


15. Not Working with Reliable Professionals: Surround yourself with trustworthy agents, lenders, and inspectors to make sure you're getting good advice and service.


As an experienced expert in the field, I can assist you through every stage of the homebuying process. Reach out to me today at 603-377-0771 so I can help you avoid these common mistakes to make the home-buying process smooth. My goal is to make this big milestone in your life easy and enjoyable!


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Lise Tremblay

With an impressive 35+ years of customer service in real estate sales, as well as management of investment properties in the Southern New Hampshire area, Lise stands out as the consummate professional....

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