Buying your first home is a huge milestone in your life. Say goodbye to monthly rent payments, dirty roommates, cruel and inconsiderate landlords, and say hello to not just your very own house, but your home. A place that you know is yours and you can comfortably return to after a long day at work. It’s the beginning of a new stage in your life and something that you’ve been looking forward to for years. Understandably, you’re excited, but you have to find the right house first!
For many first-time homebuyers, they let their excitement and their emotions at this momentous occasion cloud their judgment and mistakes are made. Having years of experience in the real estate industry, we’ve seen quite a few blunders made by first-time buyers, going against advice from their agent. Here at Iron Gate Real Estate, you can count on our team to guide you through the home buying process and make sure that you don’t commit these common actions. But just in case, we want to give you a little heads up on things that you should avoid doing. There are so many mistakes that we see happen, that we actually have to split up this topic into two parts so stay tuned for part 2! If you are a first-time home buyer currently in need of a real estate agent in Columbia then go ahead and give us a call and we’ll begin the search for your dream home!
Not Paying Attention to Your Budget
Figuring out your budget is absolutely crucial when it comes to buying a home. Many people believe that they have a solid idea of what their budget is and what they can afford, but forget to account for other monthly expenses or are just making an estimate. This is a huge mistake to make. Before even beginning to look for your first home, really put some time into figuring out what you are able to spend. Remember that a mortgage calculator is your friend! Also, don’t put all of your faith in your home loans! You really want a crystal clear idea of what you can spend and not immediately be drowning in debt. That’s not how you want to start out in your first home.
Being Too Selective
We understand that you want your first home to be perfect, but like most things in life, this just isn’t how things go. We’ve seen many first-time buyers immediately dismiss a home because they don’t like the carpeting, the bathroom doesn’t have the fixtures that they like, or they want it to be brighter in the entryway. You’d be surprised at the minor things that throw people off about certain listings. You have to be willing to compromise! Unless you go with a custom home, nothing is going to be exactly how you envision in your mind. Also, for things like carpeting or wallpaper, remember that this will be your home, you don’t need to ask permission from a landlord to do renovations. In time, when you’re ready, you’ll be able to change all of the minor things that you don’t like about the house! So, we understand being a little selective since this will be your home after all, but don’t be so picky that you pass over listings that were within your budget and could have been great for you.
Not Considering the Future
As we all know, life is full of twist and turns that are completely unexpected. You may think you’ll never get married and then bam! — you meet the love of your life. Or you could be buying your first home with a loved one and you both swear that you’re never going to have children, but then things change. When you’re buying your home, always consider things that could possibly happen in the future. Too many times we’ve seen people buy a home that seems like the perfect size for them only to be hit with one of life’s curveballs and realize that their house is too small and have to move out soon after they bought the place to go find a larger house to accommodate their growing family.
Moving Too Fast
We know that you are ready to find your house and move in yesterday, but remember that this is a really important life decision and after you pull the trigger, you don’t want to have any regrets after the deal is already finished. So even if you found a home that you think is perfect, really put some thought into it before you make it a sure thing.
Forgetting About Other Expenses
To go along with the budget that we spoke about earlier, a lot of people make the mistake of seeing how much money that have and getting the assumption that that is how much they are able to spend on a new home. Wrong! Every day we spend money on food, gas, utilities, clothes, what have you. Don’t forget about these expenses! When figuring out your price range, remember that you want a comfortable amount of finances left over for everything else that you spend money on. Also, remember that life can change drastically in an instant and you might have some sudden extra expenses.
When you have a real estate agent from Iron Gate Real estate on your side, you can rest assured that we warn you if you were to start committing one of these errors. It is going to be your home, so what you say goes, we just want to make sure that you don’t find yourself in a situation that you regret. In our next blog post, we will bring up even more of the most common mistakes that first-time home buyers make. If you would like any more information about open listings, our company, the real estate industry in general, or if you are all set to start looking for your first home, please don’t hesitate to give us a call today!