Darren Pawski‘s 3 Pitfalls to Avoid When Buying Your First Home
There are a number of potential pitfalls that first-time homebuyers must consider as they begin the process of buying a home. Throughout the course of my many years in the real estate industry, I have found it helpful to instruct buyers to consider several factors when they first enter the real estate market. Of course, there are many mistakes that first-time buyers are prone to making, so I try to do all that I can to help these buyers avoid making these errors by offering these three tips:
• Determine the true cost of buying a home
• Identify necessities
• Utilize an independent home inspection
These tips will be very helpful in keeping first-time buyers from making a costly mistake, as a great deal of care and consideration should go into making such a sizable investment.
Failing to Determine the True Cost of Buying a Home
The listed price of a home is not exactly representative of the actual cost of buying the home, and first-time buyers must understand the total cost a home before determining their real estate budget. Home ownership means that there will be costs relating to property taxes, utilities, insurance, fees, repairs and maintenance. During the process of buying a home, it is also important to recognize that there will also be additional costs for appraisal, closing, escrow and other fees.
Neglecting to Properly Identify Necessities
One of the most common mistakes I see among first-time buyers is the failure to identify the difference between wants and needs. Many buyers fall in love with an individual characteristic like a fireplace, a pool or an impressive landscape, but these characteristics should not be considered necessities that end up being the deciding factor. Buyers who sketch out a list of necessities are much more likely to end up with the most ideal home for their specific needs, and they are still able to add those unique touches if they wish to do so.
Forgoing an Independent Home Inspection
Most real estate agencies offer a home inspection, but it is always best to use an independent inspector. It is also important to listen closely to the issues uncovered by the inspector, as expensive repairs are often something that should be avoided by first-time buyers whenever possible. Even if the property is great, the need for significant repairs should be a red flag that it is time to move on to another potential property.