Buying a home for the first time can be an overwhelming experience. Here are the common pitfalls of buying a home and how to avoid them.
- Going over-budget
It’s easy to get carried away when house-hunting, and that could mean dire consequences for your finances. You can avoid overpaying for a home by getting pre-approved for a mortgage beforehand. This lets you know how much home you can truly afford. Then you can start looking at homes within your price range.
Avoid looking at homes that exceed your budget. If you become fixated on a home that costs more than you can realistically afford, you’ll find yourself buying it despite the repercussions. This could mean higher monthly payments on your mortgage and drastic lifestyle changes just so you can keep your home.
Some buyers are unable to come to a decision despite having sorted through their options in the market. Your indecision could cost you the house of your dreams, especially if the home you want receives multiple offers.
To avoid this scenario, you should make a list of must-haves before you start looking at homes. Be as specific as possible – for instance, you must determine how many bedrooms and bathrooms your new home should have. Decide which features you require, and which ones you can compromise on. This will help narrow down your choices and help you save time and energy.
- Thinking short-term
You need to have a clear vision as to how your new home fits in with your future. For instance, ask yourself how many years you intend to stay in your home, and whether or not you plan to re-sell it in the future.
It’s generally advisable to stay in your home for at least five years before selling – this is enough time to recoup some of the costs of the purchase, as well as gives your home enough time to appreciate in value.
Moreover, ask yourself if you intend to get married, adopt pets, or have more children, and determine how the home you intend to purchase will be able to accommodate these planned changes in your life.
- Doing it alone
A home could be the single largest investment you’ll make in your life, which is why it’s best to get the help of an experienced agent. A buyer’s agent will locate listings that meet your criteria, making the search process faster and easier. They’ll also protect yours interest during negotiations, making sure that you get the best possible deal.
If you’re in the market for your first home, Karafotias Realty would be glad to assist you. Call us at (404) 321 – 0030 or send an email to KarafotiasRealty(at)KarafotiasRealty(dotted)com.
- Not scrutinizing secondary factors
The secondary factors affecting your purchase of a home include your new neighbors, surrounding views of the home, and the community it belongs to. These are things that will affect your enjoyment of the home. It’s ideal to live in a community where you’ll have great neighbors, and no obstruction to your window views.
With these tips in mind, you’ll be on your way to becoming a proud homeowner in no time.