Tips & Advice For First Time Home Buyers
First-time Home Buyers Mistakes To Avoid
Buying a home can be overwhelming, especially for first-time buyers. Want to make sure you do it right? Avoid these all too common first-timer mistakes:
- Not getting to know the neighborhood. Walk around, drive the streets, and make sure it's a place that feels safe and has the amenities you're looking for.
- Forgetting to think long-term. Even if you don't have kids just yet, look at school districts and playgrounds.
- Skipping pre-approval. Getting pre-approved for a mortgage doesn't just make your home purchase easier; it helps point you toward an appropriate price range, too.
Forgoing an agent's help can be a big mistake, too. Make sure you reach out for guidance!
4 Contingencies that Protect You as a Homebuyer
Including contingencies in your contract can help protect you, your finances and your family when buying a home. Here are some important ones to consider:
- Home inspection contingency, which allows you to have the home inspected.
- Appraisal contingency, which protects you from owing extra money should your lender's appraisal come in low.
- Financing contingency, which allows you to back out if your mortgage loan doesn't come through.
- Sale contingency, which says your purchase is only valid if you're able to sell your existing home first.
Questions to Ask When Touring a Home
Going to a showing soon? Make sure to ask these questions as your tour the property:
- Does the home look maintained and well-cared for? If it doesn't, there may be costly repairs necessary.
- Will this fit my needs? Evaluate space, storage, layout, etc.
- Is there work to be done to get it to my liking? If you'll need to do renovations, you will want to factor this into your decision (and make sure it will fit your budget).
- Will it fit in with your long-term goals? Is there room to raise kids or a yard for your future pups?
Time to Get Out of the Rent
With national rents at all-time highs, American renters are now paying more than ever to live on someone else's property. On top of this, renting also means:
- Less design freedom and flexibility.
- Building equity for someone else (not yourself!)
- Little privacy, peace and quiet.
- Parking, space and storage issues.
- No long-term ROI or credit benefit, despite making on-time payments.
With rents only continuing to rise, there's never been a better time to get out of the rent race.
Related from Homes By Haris
- More First-Time Home Buyer Tips & Advice
- Financial Mistakes To Avoid When Buying A Home
- What To Bring When Applying For A Mortgage ~ Mortgage Checklist
- Condo Buyer's Guide
First Time Home Buyer Guide from around the web.
- Home buying Tips & Advice by RE/MAX
- 14 first-time homebuyer mistakes to avoid by Bankrate
- 12 Steps for the First Time Home Buyer by Realtor.com®
Real Estate Tips on Homes By Haris.
Are you looking to buy a home in Chicago, Chicago North Shore & Chicago Northwest suburbs? Call, text or email Haris! 848-878-2588