Home buying is an exciting process, especially for those first time buyers. If you’re in a good financial state and in a place where you can afford a mortgage payment instead of monthly rent, it’s the first big step into adulthood. Below are a few costly mistakes to avoid when purchasing a home for the first time.
Home Buying Without An Emergency Fund
Not having ample funds in case of an emergency is a headache waiting to happen for home buyers. Chances are, your home may have some issues that emerge even with an inspection, so you want to make sure you have the funds to cover them. Even if your home is new, you never know what may happen, and you don’t have the trusty maintenance staff at your fingertips that you once did as a renter.
Buying Without An Inspection
Although a home inspection does cost a few hundred dollars, it’s better to fork out the cash because it may save you a lot of money down the road. If there is an underlying issue with the home such as structural damage, you will be able to discuss with the seller about getting those fixed before purchasing. Chances are if the damage is too costly, you may end up not purchasing the home. Getting an inspection when home buying is always a good idea.
Hire Your Own Real Estate Agent
You should hire a real estate agent to help you endure the home buying process. Simply finding a home and buying through the seller’s agent is not a smart move as at the end of the day that agent is representing the seller, not the buyer. Hiring a buyer’s agent will ensure that your needs are top of mind during the process and that the agent is keeping your best interest at heart.