13 Mar Avoid First-Time Homebuyer Mistakes in 2019
Becoming a home owner is very rewarding, but it comes with a huge responsibility. Avoid the most common mistakes that first-time homebuyers make before purchasing their home.
Continue to Save Money
Saving money should be a perpetual habit. Don’t just save money for your down payment. Dave Ramsey preaches about having an emergency fund all the time. Unexpected mishaps and emergencies will happen. As a new home owner, you must plan for the costs of additional home repairs and maintenance.
Take Your Inspection Period Seriously
During your due diligence period, you should hire a licensed home inspector to check out the home before proceeding with the act of sale. You want to discover any pre-existing issues before signing off on the closing documents. You should also attend the home inspection yourself. Plan time to take off from work and walk through the home with your home inspector.
Plan for Your Future Needs
One of top complaints from first-time homebuyers is purchasing a home that’s too small. If you are planning to raise a family, then you need to shop for homes that can accommodate a growing family. You should always plan for the years to come.
Factor in Resale Value
Last but certainly not least, you should buy a home that can build your home equity. Be on the lookout for up and coming neighborhoods. According to NAR President Elizabeth Mendenhall, “when you buy a home, you do not just buy the house. You buy a community – neighbors, parks, stores, and schools.”
Always remember that your home is an investment. The goal is to own a home that will appreciate over time.