3 Crucial Mistakes to Avoid When Buying Your First Home
Buying a new home can be a very exciting time, but it can be a very stressful one as well. This is one of the most important purchases anyone can make in their lives. Depending on the choice you make, you could end up with something you can pass down to your children or sell for a profit. Make a bad decision, however, and you could set yourself back years and never recover. Let’s take a look at some of the biggest mistakes people make when buying their first home.
Not Working with a Specialist
A lot of people who buy their first homes are looking for a family home. In many cases, these people have a very clear idea of what type of home they need in what kind of community they want to live in. However, they often just work with the nearest real estate service. Sure, they might have a good reputation, but they will never be able to understand the market you’re aiming for or have the same quality of listings as someone who has years of experience working in those communities.
Take people like John Alexandrou, founder of avalonrealtygroup.com, for instance. His group specializes in properties in Avalon Park Orlando and they often have access to the latest and best listings. You can tell them exactly what you’re looking for, and chances are they’ll have it in their inventory. They even have an email service that will give you access to top listings in the area as soon as they’re up. This isn’t something you can expect from any service out there.
This is why the choice of agent will be very important here. You want someone who understands the community, is honest, and has a solid track record selling the type of property you want.
Not Looking at All their Financing Options
For some reason, a lot of people will not even bother looking at government schemes and grants for homeowners. In many cases, this is because they’re assuming that they won’t be eligible. However, there are tons of programs available. If you’re a veteran, VA loans could be an option. With these, you don’t have to put a single dollar down and you’ll get 100% financing. Then you have USDA loans that will allow you to get the same things if you decide to live in an area that was deemed rural by the department of agriculture and you qualify for the terms. You also have FHA loans that could help people with less than stellar credit and only require a 3.5% down payment.
Making the Minimal Down Payment
This another major mistake a lot of people end up making. In many cases, it’s because they’re strapped for cash, but in others, they might think that it won’t make a big difference and want to spend as little as they can. However, paying more means that your mortgage is smaller with smaller monthly payments. So, this is something you’ll have to think about.
These are some of the things you should avoid at all costs when making a first home purchase. Steer clear from these if you don’t want to end up regretting your decision.
