Don’t Make These 3 Common First Time Home Buyer Mistakes
Buying your first home, or your forty first home, can, and likely will, have its moments of stress. Many headaches are, however, avoidable if first time home buyers educate themselves up front about common home buying mistakes. Here are three of the more popular first time home buyer pitfalls.
- Skipping the Home Inspection
In the fury and competition of hot real estate markets, many buyers are making the mistake of foregoing inspections because they are either afraid of losing the house or can’t see anything that “could possibly be wrong.” However, trained inspection professionals can notice issues with the house that can cost 100s if not 1000s of dollars such as foundation issues, dangerous electrical problems, roof problems, pest or rodent infestations and more. Don’t let the excitement of buying a new home drive you to make costly and regrettable decisions. Always get an inspection!
And p.s. if something is identified in the inspection – this allows you to either make an educated buying choice or it gives you leverage to negotiate a new purchase price!
- Not Looking at Who Your Neighbors Will Be
Love is blind not only applies to people but to property as well. Sometimes we get so swept up in all our new home’s near perfect floor plan, abundant natural light and the heavenly kitchen that we forget to look at who we would be sharing front and backyards with.
Remember to take a careful look at what is going to be next door to you. Is it a commercial building? If so, may it be subject to excessive light pollution, noise pollution, traffic or unwanted strangers milling about? If it is a private home next door, how do they keep up their house? Do they seem to take care of their yard? Make sure you take the time to ensure you are comfortable with what you see.
- Forgetting Hidden Monthly Homeownership Costs
You did your homework as everyone instructed; you shopped around for the mortgage company that gave you the best rate, the lowest fees and the most comfort. You know your loan terminology like you know your first name and you feel fully ready to purchase your first home!
But have you also considered how additional homeownership costs will impact your budget and perhaps ultimately, how much you want to spend on a house?
Such additional home ownership costs can include:
- Homeowners Insurance
- Higher car insurance based on a zip code change
- HOA fees, if applicable
- Property taxes (which do have a tendency to go up every year or two)
- Higher utility costs that come with a bigger home
- Higher costs due to longer commutes or additional public transportation needs
- Costs you are not currently responsible for if renting such as: pest control, general maintenance, security, heating and cooling issues, lawn care, snow removal, appliance care/replacement and more
- Cost of the unexpected and not so fun surprises such as the refrigerator breaking, a tree falling in a snowstorm or washer and dryer that needs to be replaced
And of course, never forget a little bit of money set aside for the fun things. You are moving into a new house and no matter how perfect it is – you will want to make it yours. Make sure you have a little set aside to put your own special touch on your first new home.
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