Avoid these first-time Home Buyer mistakes

When it comes to counseling first-time home buyers, the real estate agent is a tremendous resource to help overcome knowledge deficiency.
That home buyers lack knowledge about the process only makes sense when you understand that shopping for a home may be a once-in-a-lifetime experience for some.  The process is foreign and the pitfalls are hidden. This is why it's so important to find the right real estate agent to assist you along the way.
Let's take a look at how to avoid these common first-time Home Buyer mistakes.

Not Being Clear About Money

Going into a home purchase with your eyes closed to your finances is probably one of the biggest mistakes you can make during the process. Nobody likes unpleasant surprises, yet that's what you open yourself up to when you are ignorant about where you stand financially.
See a lender to determine exactly how much you can borrow for a home.
Finally, when you have that figure, don't be tempted to shop for homes priced at the limit. Give your post-purchase budget some monthly wiggle room by purchasing at the middle of the price range, or a bit more.

Not Being Clear About Your Wants and Needs

While you may not get everything on a wish list, it's a good idea to compile one – especially if more than one person will be living in the home.
Understand that your wish list isn't set in stone and you can plan on it changing once you start viewing homes. During the home-shopping process, you will get a better idea of which items are feasible with your budget and which will have to be struck from the list. Knowing what you want and need in a home is vital to your long-term satisfaction, so it's worth the time it takes to sit down and make a list.
Don't neglect the neighborhood wish list either. Do you need to be close to public transportation? If you'd like a family neighborhood with lots of kids for yours to play with, put that on the list.
The bonus to getting clear on your wants and needs is that when you share the list with your real estate agent, your time won't be wasted by viewing homes that don't fit your criteria.

Making Big Changes

The best part of the home-purchase process is that point during the transaction when inspections are complete, all the conditions have been removed, and it feels like smooth sailing to the close.
Unfortunately, this is a danger zone for rookie home buyers. This is typically when they start picturing themselves actually living in the home and the urge may be overwhelming to shop for furniture, appliances and other big-ticket items.
Any big changes you make, such as large purchases or getting a new job, may effect your financial position going in to a new home mortgage.
Keep your pocketbook closed and remain on your current job until you walk away from the closing table.

Waiving the Home Inspection

Although foregoing a home inspection was unthinkable a few years ago, in a seller's market where multiple offers are common, it's tempting to agree to waive the home inspection as an incentive for the seller to pick your offer. It's also not very wise.
A professional inspection,  may be the only way you'll know whether you're buying a lemon or a plum - a money pit or a smart investment.
When you forego a professional home inspection, you're essentially buying the home "as is." Without the inspection condition, the buyer waives his right to ask for repairs or money to make the repairs.
Waiving the home inspection is never worth the risk.

Knowing how much home you can afford is paramount to a successful home purchase. Making the decision to remain within a certain budget, doing all you can to clean up your credit to get the lowest interest rate possible, and becoming clear on your desires and expectations all help to make the home-buying process as error-free as possible.

Call and let us assist you buy your new home!

Richard Thyssen, Broker of Record
Colleen Thyssen, Sales Representative
Direct: 519-495-1541
Email: rthyssen@rogers.com
www.thyssengroup.com