What are first time homebuyer mistakes to avoid?

| May 25, 2021 | Real Estate Transactions | 0 comments

Dipping into the real estate market for the first time is often a source of great anxiety for many. As a first-time homebuyer, you may feel pressured to make “the right decision” when you do not even know how to start.

Fortunately, you can help yourself out by understanding what mistakes to avoid and what to keep in mind as you look through homes.

Paying attention to the base quality

Business Insider examines some of the top mistakes that first time homebuyers make. Some involve the deal itself. For example, you may assume that the price of every home is negotiable. You could lowball an offer or not start out with the highest payment you can possibly afford. Any of these actions could lose you the house, especially when priced to sell.

Next, it is easy to get distracted by the bells and whistles and forget to pay attention to the house’s quality. You want to avoid falling into this trap. Pay attention to the basic details like the foundation, the materials used in the building process, the roof, the boiler and so on. You can always add more fancy features on your own, but it is harder and more expensive to fix flaws at the base level.

Remember resell value

Another big issue is purchasing without the intent to resell. You never know where life may take you, and the last thing you want is to end up stuck with a property in a bad location that you cannot sell easily.

Finally, do not hold out for the perfect home or pass up on early homes in the search. Many people miss out on great homes just because they think they will find something better, only for the first listing to get snatched up in the interim.