The idea of purchasing a home for the very first time can seem daunting, so much so that you may risk not being in the right mindset when making one of the biggest purchases of your life. Jumping at the very first property you see, or ultimately choosing to continue renting are not uncommon when house-hunting, but may keep you from buying your dream home. To simplify the process for you, TheRedPin has “pinpointed” the seven most common mistakes first-time homebuyers make. Mistake 1: Thinking you don’t need to use a real estate agent when purchasing.
It’s often a common thought that first-time homebuyers have, but first-time homebuyers, especially, should pursue working with an agent for many reasons, but mainly because it costs the buyers
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For all buyers, but especially first-time homebuyers, the services of a qualified and experienced agent are invaluable. It takes time to do your research to find the right agent for you, so make sure you’re choosing an agent that specializes in the area and home type you are looking for. Mistake 3: Looking for homes prior to knowing your current financial situation.
Having your finances in check before purchasing is a must. Speaking with the bank, and finding out what mortgage amount you will be approved for will determine what you can ultimately afford. Going into the buying process with a budget, and your finances in check, proves to the seller that you are serious and have done your homework. Mistake 4: Being unaware of hidden costs that come with buying a home.
First-time homebuyers should be aware of the hidden costs that come with purchasing property. Closing costs, lawyer fees, land transfer taxes, and other legal fees are just some of the costs to keep in mind. Additionally, just because a house is listed for a certain price, doesn’t necessarily mean that that property will sell for that price. Typically, depending on the market, homes sell for more or less than