Avoid the 10 Most Common, Painful, Frustrating Mistakes First Time Home Buyers Make

Buying a residence can be a hair raising experience. A roller coaster of emotions from finding the right place, to securing the mortgage and moving in. For most of us the first time home purchase is the largest investment we’ve ever considered. Often the emotions of purchasing something so expensive and personal can cloud our business judgment.

Most home purchasers do little or no research before they invest their nest egg. Doesn’t it make sense to become as completely informed as possible before you buy your first home? This special report is designed to help you avoid 10 common and crucial mistakes. The right real estate professional can help you make good sound business decisions based on your personal circumstances.

1. Inspect, Inspect and Inspect – Go over the inspection report with a fine-
tooth comb. Make sure the report was done by a professional organization. For condo purchases go over the CC&R’s, By-laws and Association Fees. Don’t take anything for granted…inspect everything!

2. Imagine the Property Vacant – Your furnishings and decorations will be the ones filling this new residence. Don’t be swayed by beautiful furniture…it leaves with the owner.

3. Income Plus Lifestyle Equals Mortgage Payment – Sit down with one of our professional mortgage brokers and honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities, fix-ups. Your dream home is certainly worth a sacrifice but don’t mortgage your entire future.

4. View Several Homes – See at least 7-10 properties. Don’t move too slow but don’t move on the first property you see. With the help of a qualified real estate professional you should be able to view enough properties to get a good overall perspective of your market. When you find the right property all the leg work will be worth it.

5. Utilize Our Team – Talk with us early in the process. When this happens, we can get you pre-qualified early in the process, lock in the lowest possible interest rate for at least 90 days and allow you to shop for you new home knowing that all of your financing needs are already in place.

6. Be Columbo – Check out all costs and expenses before you sign. Utilities, taxes, insurance, maintenance and home owner dues if applicable. Make sure all utilities are on (gas, electricity, and water) so you can inspect everything in working order. Ask lots of questions and be very detail conscious. 

7. Do a Final Walk Through – Visit the property after all furnishings have been moved out to e sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Often times, things are unintentionally overlooked that could have been spotted in a final walk through.

8. Plan For Flexibility – Closing dates are not written in stone. Allow contingencies and have a back up plan. If you or the sellers need a little more time to conclude the final arrangements, don’t let these delays upset or frustrate you. These types or circumstances are not uncommon in a real estate transaction

9. If It’s Not In Writing, It Doesn’t Exist – All promises and discussions are to be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your professional keep on ongoing log in writing of all discussions, and get the seller’s written approval for all agreements

10. Loyalty Breeds Loyalty – Be open and up-front with your team. Hard feelings and disloyalty will cause headaches, delays or may even keep you from getting into the home you worked so hard to locate. Take the time to select the right team in the beginning and your first home purchase will be a pleasing and memorable experience.

We sincerely hope these tips and ideas are of value to you. If there is any way we can be of service, please contact our office…we would consider it a privilege to be of service to you!