Buying a house is an exciting, often intimidating process full of steps that can trip up a home buyer at any turn. In the flurry of finding a mortgage, attending open houses, and making offers, it’s easy to fall into some of the common traps first-time home buyers face. Here are a couple of common mistakes that can complicate buying a home and how you can avoid them.
Working with an Incorrect Budget
When you’re considering buying a home for the first time, it’s important to compare mortgage lenders. Shopping around for a mortgage ensures that you find the best rate possible and leaves you with more money in your pocket. Many overlooked costs should be factored into your overall budget. Your down payment isn’t the only up-front sum. Closing costs, repairs, moving costs, and more impact a home buyer’s out-of-pocket spending. Doing your research and planning for the costs beyond a down payment gives first-time home buyers an accurate idea of where to set their budget for buying a home and making repairs.
Building the Wrong Team
As a first-time home buyer, it is vital to have a knowledgeable realtor and trusted service professionals by your side. Too often, first-time home buyers rely on the first search results to choose their realtor and contractors. This can cause you to build a team that doesn’t have your best interests. The wrong team can make the process of buying a home full of denied offers and excess spending. The Home Savvy app puts the power back in your hands by matching you with an experienced realtor who knows your market and needs. Even after closing, Home Savvy’s recommended list of trusted service professionals will support you through all the renovations and repairs needed to turn your first house into your first home.
