Common First-Time Home Buyer Mistakes
We’re covering some things to avoid if you are a first-time home buyer looking to purchase. Read on to learn more!
The most important thing for you to initially prioritize is your finances. Keep in mind that your mortgage and it’s costs are not the only expenses you should be expecting. There will be other costs associated, such as repairs or maintenance. When it comes to these, there is a 1% rule of thumb that you should typically follow. This means that you should expect to set aside 1% of your homes original purchase price annually. This should cover any maintenance that comes up, though it’s likely you won’t always reach that. Maintenance costs will be in addition to the down payment and closing costs, so be sure you are prepared to take on the financial responsibility of owning a home.
Following this, consider looking for your loan before your home. People typically do the reverse, but it is important to know going into your search what you can afford and if they can assist in connecting you with a good realtor. This leads us to tell you the importance of finding professional help as a loan officer and realtor will be able to help you with everything from negotiating costs to finding you the home you love.
It’s possible that further down the road (with more experience) you will be able to take care of yourself through the homebuying process, but for now you should always involve professionals to help you with such a big decision. Good luck and reach out to a loan officer today.