It’s a new year! Perhaps you’re planning on taking the leap and buying your first home in 2023. Congratulations! Homeownership is exhilarating, but can also be overwhelming.
Here are 5 common mistakes to avoid when purchasing your first home:
1. Buying more than you can afford
There are things to consider in addition to the down payment of your home. Closing costs, utility bills, property taxes, moving costs, and much more!
2. Not using a real estate team
Working with a real estate team is the way to go. Anybody can purchase a home without them, but as a first-time home buyer, it is very helpful to have that professional guidance. They can also protect you if anything were to go wrong.
3. Being underprepared
Not checking your credit score, not starting the approval process early, and not saving enough money are just some of the things first-time buyers don’t account for.
4. Waiving the home inspection
Having a home inspection may cost you money now, but will save you money later. Inspections are crucial for avoiding any future problems that may come once you’re moved into your home.
5. Mismanaging your budget
Not understanding the costs up front is a classic mistake for a lot of first-time buyers. People save up so much for the down payment and then don’t leave any money for the mortgage process and getting their documentation together.
When it comes down to buying your first home, doing your research is so important as there’s many steps involved. Are you ready to take the next step in your home buying journey? Contact our team today!