7 BIGGEST MISTAKES First Time Homebuyer’s Make

Oana and Todd talk about the 7 biggest mistakes that first time homebuyers make. It is estimated that there will be more first time home buyers entering the housing market in the next 5 years than any other 5 year period in history. Buying a home can be an easy and enjoyable process, but making too many mistakes can make the process painful.

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7 BIGGEST MISTAKES First Time Homebuyer’s Make

1. Not picking the right real estate agent / Realtor.

About 1/3 of the country intends to buy a house in the next 5 years and with this much demand, let’s talk about some of the lessons that recent home buyers have learned.

A great Realtor makes all the difference lead you through the process answer your hundreds of questions make strategic recommendations when you need them (negotiating particulars about the offer, repairs, home warranty, helping you with home choices, location choices, lender recommendations)

2. Set financial limits – difference between wants and needs to avoid being “house poor;” plan for hidden costs like home owner association fees, special improvement districts, unexpected repairs, cost of home ownership like landscaping, window coverings.

3. Home Warranty – this helps mitigate repair costs and takes the guess work out of hiring contractors

4. Be prepared to move fast – homes sell quickly in today’s market so you have to make fast decisions about making an offer, the offer price and everything that goes with it including signing your offer in a timely manner so it can be sent to the seller or seller’s agent for consideration. A good Realtor will have an offer template for you with the things that you generally want and will just need to tweak a few things on each offer before it’s ready for your signature. This will save time and make it more likely your offer will make it to the seller in time to be considered.

5. If you notice something is off, say something. This means that if you notice water staining, or a foundation crack or anything that does not seem right, say something and don’t depend on others to notice it. The earlier to alert your Realtor to an issue, the most likely it is that you will have a positive outcome (that the issue will be resolved or that you will move on to another property that is right for you).

6. You have to be ready to cut loose a property and move on in order to find the right property for you. This may have to do with the price, the condition of the property or something else. This is about your home and your investment and it has to be right for you.

7. Listen to your gut! Lots of people will offer you advice, but at the end of your day, this home and the financial obligation are your responsibility and it has to be right for you.

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