Ten Mistakes First Time Home Buyers Make
Buying your first home is a huge achievement in life. Many times people spend years
daydreaming about the perfect house, the backyard, or the paint colors but there are some important details that aren't considered. Hopefully this will help prepare first time home buyers.
1. Not hiring a home inspector
Now of course as the best home inspector in Kansas City we have to list this first and most importantly. But in all seriousness it is a very important step in the home buying process. Even if you are purchasing a new home or well maintained there are items you could be overlooking.
2. Not negotiating repairs
After the inspection is complete, the next step can save you some serious money. After reviewing the inspection report you can work with your realtor to negotiate repairs to be paid for by the seller. This can save you thousands of dollars in future repairs.
3. Only looking at a few houses
Some buyers may only look at a couple houses and rush to pick a house only to regret it a few months later. Take your time to find the right house. In Kansas City especially Johnson County houses have been selling very quickly. Buyers may be tempted to make an offer on the first house they come across, take your time so you don’t regret the purchase.
4. Not considering future expenses
This may go hand in hand with your home inspection. Most buyers plan for mortgage, insurance, and taxes but don't consider other high expenses that may come in the next couple years. Expenses may include, replacement of roof, hvac system, plumbing repairs, and appliances.
5. Neglecting to plan for the future
Considering the future is important when purchasing a house although often times unpredictable. A growing family, a job in a different part of town, or even a new hobby can make the perfect house not so perfect.
6. Picking the wrong realtor
Many times people choose a realtor that is a friend or friend of a friend. It is important to pick someone who is experienced and knowledgeable. Get several references and read reviews online.
7. Not researching property taxes
Property taxes can vary greatly by city and school district. There can also be special tax assessments that add a lot to your monthly expenses. Make sure to get exact amounts before you make an offer.
8. Being too picky
Paint and flooring can be easily changed. Sometimes you have to use some imagination to visualize your home after you make some changes. Go into the houses with an open mind.
9. Not getting pre approved for loan
Pre-approval from a mortgage broker is an easy process that can save a lot of time and trouble. Here in Kansas City there are many local mortgage professionals that can make the process as easy as possible.
10. Not understanding your mortgage
Interest rates and terms can vary greatly and impact your financial outcome. Do your research and find a good mortgage broker before you find your home. In the Kansas City metro and Overland Park area there are many excellent mortgage professionals that can assist you. Try speaking with your local credit union, bank or try an independent mortgage broker.
According to a Trulia survey 51% of homeowners have regrets about their home purchase or buying process. When buying your first find quality, experienced professionals to help you along the way. A great home inspector, mortgage broker and realtor will help you along the way. Ask a lot of questions and take your time on the decision.