Six “First-Time” Homebuyer Mistakes That Can Cost More Than Just Money (continued)

In Buyers, First-Time Buyers by Doug PhelpsLeave a Comment

Last week we looked at the first three mistakes commonly made when buying a home for the first time. Let’s take a look at the remaining three in this post:

Don’t skip a professional inspection.
Everything may look perfect on the outside, but what’s happening behind those walls or on top of the roof? Not knowing can cause you to buy a home with substantial problems.

Exhausting all of your funds.
Spending all or most of your savings on the down payment is one of the biggest mistakes first-time home buyers make. You’ll want to buy furniture for your home and add your own personal touch, but if you’re living on the financial edge because you used every dollar on the down payment, it takes a lot of fun out of your life.

Curtail pre-closing purchases.
In this tight lending environment lenders will pull credit reports just prior to closing to make sure the borrower’s financial situation has not changed since the loan was approved.

Therefore, it is vitally important to not go out before you’ve closed and make any large purchases that will require the use of your credit, because any new loans on your credit report could jeopardize the closing.

Like most things in life, buying or selling a home is difficult to master unless it’s something you do all the time. A real estate professional by your side will guide you past the pitfalls, educate you on the market, inform you on your options, and help you get the best possible home for the best possible price.

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