Top 3 Mistakes Of First Time Home Buyers

In Real Estate on September 9, 2013 by Community Expert Team
Top 3 Mistakes Of First Time Home Buyers

When you are buying your first home there are lots of different things you need to be thinking about. With so many new things going on and so much you have to know, it is inevitable that you will make a mistake or two.

This is why you should enlist the help of an experienced Castle Rock realtor. With their help you will be able to smoothly sail through the home buying process with as few mistakes as possible.

 

Even with a realtor though, it is still important to educate yourself, so here are the top 3 mistakes of first time home buyers.

 

1) Not Knowing What You Can Really Afford

Being approved for a $250,000 loan and really being able to afford a $250,000 loan are completely different. Don’t rely on a home lender to tell you what you can comfortably afford. Plan a budget and get to know your finances. When purchasing a home, make sure to leave room in your budget for home upgrades, repairs and possibly even a decrease in income in the future.

2) Trying To Renegotiate After Making An Offer

Renegotiating after making an offer seems to have become popular these days and it is only hurting buyers. When put into a bidding war, buyers are offer more than they really want to for a home and hoping to renegotiate after inspection or hoping the home does not appraise for the offer they made. This is a risky and shady practice and should be avoided as it usually burns the buyer.

3) You Are Only Willing To Accept An Amazing Deal

A few years ago, while the housing market was at it’s low, deals could be found in every neighborhood. Today, the market has bounced back, there are still deals to be had, but they are fewer and father between. Don’t miss out on the home of your dreams because you want to pay a couple thousand less. Be prepared to get a home at fair market value and be happy with your purchase.


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