Don’t Make These Mistakes When You Buy Your First Home
Buying your first home can be very exciting but because of that many people make mistakes. Your goal is to find a home that you will love and that you can afford to pay for. But when the excitement surpasses your judgment mistakes can happen.
Here are 10 mistakes often made by new home buyers:
- Not thinking about what is affordable: Sometimes what the bank says is affordable and what you know is affordable is different. You need to consider your lifestyle and other monetary goals you may have in your life. Figure out what you need to account for in your life (vacations, vehicles, school savings for children, etc.) and then with those things in mind, decide what you can really afford.
- Not getting your mortgage qualified. Don’t skip this step, otherwise nothing is sure and you could just be wasting yours, the seller’s and your Panama City Beach Realtor’s time.
- Forgetting about other expenses. Remember that when you own a home you will have other expenses besides the mortgage. You will have repairs and general maintenance expenses so make sure you have money set aside for these.
- Not having a vision. You need to be able to look past the wallpaper, icky paint colors, and displeasing temporary fixtures that can easily be replaced. Location, size, and layout are more important when selecting a home.
- Being unwilling to compromise. It is great to have a wish list of things you are looking for in a home but don’t be too picky. Compromise is almost always part of the home buying process. Know your wants but more importantly, know your needs.
- Compromising on the wrong things. There are things that are ok to compromise on and things that are not. If you want to have children soon don’t buy a 1 bedroom plus den. If you want your children to stay in the same school they are in, don’t buy a house that is too far away.
- Forgetting about re-sale value. Always buy in an area that is growing and buy a house that you can improve on to get a better sale price when and if you decide to sell. Just be careful of over improving when remodeling.
- Not getting an inspection. Make sure that you include a house inspection in the contract because you don’t know what you might not be able to see or hidden defects. House inspectors will find those little details that might cost you a lot in the long run.
- Not getting your own Panama City Beach Realtor. Having your own realtor ensures that they have your best interests in mind when negotiating the sale. Many home buyers are of the mistaken impression if they contact the listing agent, they will get a better deal. Nothing could be further from the truth. Remember, the listing agent works for the seller, NOT THE BUYER!
- Forgetting about the future. Consider the trends in the location, possible construction that might occur nearby, zoning laws, and undeveloped land. How will these things affect the value of your home in the future?
By working closely with me as your Panama City Beach Realtor, I will help you avoid these mistakes. We will work together to make sure your next home purchase will be a stress free, dream home for you and your family.
Welcome to our Panama City Beach real estate blog. Please share your thoughts and opinions as comments are always welcome, whether you are a consumer, journalist or another real estate professional.
Our blog includes local and relevant national real estate information, Condo and Home market statistics, personal and professional insights and information about various neighborhoods, subdivisions and listings. If you would like additonal information on any of our topics, please contact me directly and I will be glad to assist you.