Look at the Size of that Price Tag: Mistakes that First-Time Homebuyers Make
Buying your first home can be a daunting task. Think about all of the other purchases you’ve made in your lifetime. Even if you’ve splurged and bought yourself a brand new car, your total isn’t going to come anywhere close to the price tag that’s on the house of your dreams. So it’s easy to be overwhelmed or find yourself with eyes bigger than your checkbook when you’re starting out. If you’re in the market for a Brentwood home loan, then to get the most out of it, certainly keep in mind the mistakes that most first-time home buyers make and not get caught in the priciest mistake of your lifetime.
- You fell for the first house you saw. Rookie mistake. There seems to be this notion that somewhat along the same lines as your first love, when you see the house you’re meant to be in you’ll just know. Your heart will flutter a beat, you’ll ring up your realtor and your life will be happily ever after. But choosing a house without looking at multiple prospects is a bad idea, much like choosing a partner. Without knowing what’s out the world how can you possibly know that this one is the best one? Even if you’re certain that you’ve found your dream house on the first go (congrats!) check out other houses in the neighborhood. You might find out more about the neighborhood than you would have from the one showing which is never a bad thing.
- You bought a house that’s going to be tough to sell later on. The saying goes, ‘It’s better to be the worst house in the best neighborhood than the best house in the worst neighborhood.’ Life changes happen, especially if you have a career, and even if you don’t expect to sell in the future you may end up needing to do just that. Take a moment to see how impossible your new investment might be to get rid of and if it seems like you’d be stuck with it for a long time, at least try to see if you can get a lower price.
- You didn’t get a home inspection. If falling in love with the first house you see is a rookie mistake, there’s no telling what not getting a home inspection is. It may be tempting to avoid getting a home inspection and saving on whatever costs you’ll accrue; but you best believe that you’ll be wishing you had one when you find out the foundation is bad or that hot water heater in the basement is in desperate need of replacing. When you make an offer, make sure you ask for a professional inspection contingency, which means that if the house doesn’t pass a professional inspection you can get your deposit back, renegotiate or decide to scrap your offer altogether.
Of course with the help of professionals that specialize in Brentwood home loans, you should be able to make a smart decision that won’t negatively impact your whole future. Buying a house can be confusing, but doing your homework will pay off greatly in the long run.