Are you a first-time homebuyer? Don't make these mistakes!

Buying a home for the first time is definitely a very exciting time. It is one of the most important financial decisions you will make, and therefore it is crucial that you ensure you are aware of all the steps you must take to not make any mistakes during this process. Keep reading to learn about some of the most common mistakes first-time homebuyers make, and how to avoid them.

1. Not Completing A Home Inspection

You want to ensure that when you are shopping for a new home, you do not skip over one of the most important factors which is a home inspection. The kitchen may be beautiful and the bedrooms spacious, but if the home has a leaking problem and you are not aware of it, you will be dealing with maintenance issues once the home is yours.

Including a home inspection is extremely beneficial, especially when it comes to older homes, as the report will outline any issues that need to be taken care of. Many of these are not noticed by homebuyers, as more emphasis is put on the layout, exterior/interior design, location and amenities of the home. Having this report will allow you to make smart financial decisions when buying a new home.

2. Unnecessary Home Size

When going through the mortgage process, I will be sure to inform you on how much you can afford to spend on your new home. Typically, home prices and square footage go hand in hand; the larger the home is, the more you will be spending on it.

You want to ensure that you are able to afford the monthly mortgage payments, and after all your bills are paid for the month, you still have a comfortable amount remaining to spend on dinners and recreational activities. When you purchase a home within your limit financially, you will be much better off for any financial curveballs that may come your way in the future.

3. Choosing The Right Mortgage

I always tell my clients that choosing the right mortgage is just as important as choosing the right home. Often times, homebuyers will go straight to their local bank, and will accept the rates they are offered. It is important to remember that one stop should not be the only stop. Shop around for different rates, as you never know what you may be offered. Banks do quite often have great mortgage rates, but you wont know what else is out there unless you explore your options, and I will help you do that!

Contact me today to ensure you are making the right decisions when purchasing your first home!