Purchasing your first home is supposed to be an exciting milestone that you’ll never forget. Getting the keys to your house and settling into your new space is one of the best feelings in the world, which is why so many people choose to buy rather than rent. It can be easy to get swept up in the excitement of it all, and things, like shopping for new appliances and adding little touches to make it your own, can often serve as distractions from mistakes you may regret later. If you’re in the process of purchasing your first home, here are some of the most common mistakes that many home buyers make and how you can avoid them.
Looking at Homes Before Getting Pre-Approved
This is one of the biggest mistakes many first-time home buyers make. Looking at homes before knowing if you’re pre-approved can lead to major let-downs, as you may end up falling in love with a home that you are not qualified for. Many real estate agents won’t even show you a home without first knowing if you are pre-approved, so save yourself the time and hassle by finding out this crucial information ahead of time. That beautiful piece of Alexandria real estate could end up being yours, so make sure to find out if you’re pre-approved for a mortgage to get you one step closer to landing your dream home.
Breaking the Bank
Another common but detrimental mistake that many first-time home buyers make is going above their means in order to score their dream home. Sure, we would all love to live in a big, beautiful mansion, but if that mansion is out of your budget, it is simply unrealistic to apply for a mortgage of that size. Rather than trying to live above your means, try to be realistic in the home buying process and only look at homes in your price range. This also goes hand-in-hand with finding out if you’re pre-approved for a home mortgage, as you may only be approved for homes in your price range anyway. Knowing how much home you can afford is a crucial part of house hunting, so make sure you’re being realistic to avoid making this mistake.
Jumping the Gun
So you finally found a home you absolutely love, and you want to make an offer right away, for fear of losing it. You might not find another one like it, but realistically, waiting and making sure you have enough saved up money for a bigger down payment will save you in the long run. You also want to take the time to think about this massive purchase. Are you making a decision based on emotion? You might be willing to overlook flaws if the home just “feels” like the right choice. Take the time to discuss whether this home has all the qualities you’re looking for and look at it from a logical perspective. If you lose a property that seems like the home of your dreams, another one just as good will come along when you’re more prepared. Any home will become right home when you decorate it with sentimental pieces, track your children’s growth along the door frame in pencil, or sit on the deck, a cup of coffee in hand, watching the sunrise every morning.