Planning to buy your own place? Beginning your home search can be intimidating, difficult, and life-changing. Being prepared is crucial, however, first-time home buyers still make simple mistakes. Fully prepare yourself and avoid these 3 simple mistakes in your first home search!
Forgetting the Budget
Have a budget. If you do not have one already, start to develop one. It will help you see what your current expenses and sources of income are, and provide you with a better view of what you can exactly afford. If you do not fully understand your current financial stance, could lead to you searching for homes outside of what you can afford. This can cause you to fall in love with a place, then feeling extremely disappointed when you cannot afford it. Understanding your financial situation is a great first step before beginning your home search.
Items you want, may not fit within your budget
First-time home buyers typically have to compromise on a few areas during the home search (due to lack of funds). To avoid being disappointed, develop a list of what you wish to be included in your first home. As you begin your search, keep in mind of these items and find which ones fit within your budget. By understanding your list and which items actually fit within your budget, you can then re-prioritize and focus on the items that are most important to you.
Not realizing the value of an agent
Never enter an open house without an agent with you. Agent’s are very valuable and are a crucial ingredient in getting the house of your dreams. They are trained to negotiate, have access to more resources, and have the initiative to conduct their own market research. Agents are valuable, use them!
Starting your home search is a very exciting step in your life. Being fully prepared can save you from heartache, and let you find that dream home faster. Developing a budget, finding what items you can afford, and fully understanding the value of an agent are all great starting points that most first-time home buyers overlook. Take these 3 factors into account before beginning your search! Good luck!