First-Time Homebuyer Mistakes to Avoid

First-time homebuyer mistakes

When looking for a home, you should avoid these first-time homebuyer mistakes.

Buying your first home can be both exciting and extremely overwhelming. Most first-time homebuyers want to find the perfect house to start off their lives. While the perfect house is out there, it may not be feasible for your first home. First-time buyers can get side-tracked by fixable problems when looking for their ideal home, which could mean they are missing out on a perfect fit. Let’s take a look at some common mistakes first-time homebuyers tend to make but should try to avoid.

Overlooking Hidden Costs

When buying a home, it is important to know all of the costs that are associated with it, including the hidden fees. Every homebuyer knows about the down payments and mortgage payments, but a lot of first-time homebuyers forget about the slew of other expenses. From closing costs to appliance maintenance to homebuyers’ insurance, there will be a lot of money coming out of your accounts over the next few months. Home maintenance usually costs one to three percent of the purchase price. Before buying a home, make sure you budget for the extra expenses of homeownership.

Being Turned Off by Easily Solved Problems

Most first-time homebuyers are looking for move-in ready homes. They also want something that is within their budget, close to shops, has parking, location, and is near their work and “highly-rated” schools. With a wish list as long as your arm, how can you expect to find the perfect home within your budget? While location and proximity to work and schools aren’t negotiable, there are some things you can do to make a house your perfect home. Things like fixing the scratch floors, adding new cabinets to your kitchen, or updating the paint can transform the house almost instantly. First-time homebuyers tend to focus on the small details a little too much and could overlook a hidden gem.

Not Accounting for DIYs

Who doesn’t love a little DIY? From making candles to fixing up a home, completing a project by yourself will give you a feeling of accomplishment. When buying a home, add a little onto your budget for some DIY projects that will transform your new house into your home. Fixing up the basement into a man-cave or adding a patio will allow you to feel that accomplishment as you transform your space.

Every buyer is afraid of making a mistake by buying their first home. But with some cushion in your budget, an open mind, and the right real estate agent, your first home will be perfect! For more information on working with Simply Referable, call us today!

First-Time Homebuyers with Simply Referable

Together, with your Simply Referable team, you’ll cut the right deal for the right price with qualified guidance every step of the way. Every team member is committed to selling your home and forming a lasting bond with your family. Thanks to our roots in the Maryland/DC region, we can help you find your dream home. Contact us online and give us a call at 410-983-9045. To see some of the stunning homes we work with, follow Simply Referable on FacebookTwitterGoogle+PinterestYouTube, and LinkedIn.