Mistakes To Avoid In Buying Your First Home

By: Gen Wright


Buying your first home can be an exciting time for you and your family. Having a place to call your own is the ultimate in freedom and still representative of the American Dream. Still, if you are not careful, your experience can feel more like an American Nightmare. There is a lot that goes in to buying a home no matter how well off you are financially. After all, in most cases, it is an agreement between you and a lender that you will keep your responsibilities to the home for 15 or even 30 years, depending on the length of your mortgage. As such, there is a lot to remember, and if you are not involved in the buying process as you should be, then you can see owning your own home as more of a headache than a joy. If you are ready to take the plunge, make sure that you avoid the following mistakes:

No Pre Qualification from Lender

Pre qualifications are important to the purchase of a home, and if you do not get it directly from the lender, then it is difficult for that entity to have the peace of mind that it needs to trust in your ability to pay. Also, adding a middle man to the buying process only creates more headaches for you and the lender. Rather than deal with the headaches, it is better to go directly through the lender. That way, they know what they are getting into upfront, and so do you.

Pay Too Much for Home

While it is true that real estate may be the biggest investment that you ever make as an individual, do not just assume that all homes are valuable. There are many factors that go into determining the true worth of the home. The structural soundness is one such factor. Older homes may not be worth as much if shoddier construction standards were used. Likewise, looking into the neighborhood itself can influence the final price. If other homes in the neighborhood are not selling at a good price and are staying on the market for a very long time, that can be a telltale sign that the development is one that you wish to avoid, or at least one that will make you reconsider your offer.

Work with Wrong Real Estate Agent

The wrong real estate agent can cause you to take a loan that you otherwise wouldn't take if you understood the full details. They can cause you to miss out on short sales and other great deals in the area. They can go incommunicado, and leave you clueless throughout the buying process. Make sure you choose one that knows his business and knows the area in which you wish to buy.

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