Your first home buying experience can be a daunting thing to navigate. On the one hand, it’s incredibly exciting and on the other hand you’re worried about making a huge mistake that cannot be undone.Unfortunately, for some people the process becomes stressful and frustrating. We make sure that doesn’t happen to you!
Your First Home Buying Experience Should Be Fun
Our team at Q Realty understands how overwhelming it can to shop for your first home. That’s why we strive to do whatever it takes to help make your home buying experience a fun and exciting process.
We have a proven track record of providing that kind of experience for our clients. Before you talk to anyone else, read our Facebook reviews and you’ll see how hard we work to make the magic happen!
5 Common Mistakes We Often Hear About
We have heard from many clients that they wish they hadn’t made these mistakes before purchasing their first home. So here are 5 common mistakes you should probably avoid as well:
1. Shopping for a home before a mortgage
When a first-time buyer decides to purchase their home they often make the mistake of heading out to look at houses before shopping around for a mortgage. The problem is that it may raise expectations about what type of home is affordable. If you have watched any of the home-buying shows on HGTV, you are aware of the intense disappointment that comes from realizing a home is outside of your price range.
At the other end of the spectrum, a potential buyer may not know the level of a mortgage they can afford and set out to buy a home below the price range they can afford.
In either case, starting with the mortgage process can help prevent heartbreak. Once you understand the price range you can afford that won’t cause undue stress, then you can narrow the search to find a home that’s truly right for you.
2. Applying for credit before the sale is final
Whether first-time homebuyers are entering the real estate market with a fixer-upper or a new build, they often want to complete a few projects right away. However, the sale is not complete until the contracts are signed and the keys handed over to the new homeowner. Any application for credit could cause a change in your circumstances as a buyer and limit your chances of completing the purchase.
3. Not looking for different programs
Always shop around for the best possible mortgage rates. Many first-time homebuyers fail to look for different options such as FHA, VA, and USDA home loans. These programs offer discounts on regular mortgages for those who qualify. In some states, there are also first-time buyer programs that include down payment relief.
4. Not making a large enough down payment
The most common suggested down payment is 20% of the sales price of the home. Again, some states provide programs giving first-time buyers the chance to reduce their down payment. However, the homebuyer should always weigh if the lower down payment down will often mean a larger than expected mortgage payment.
While we sympathize with the desire to buy a home as quickly as possible, it’s far worse to regret launching into the process too quickly. Many people find ways to save extra money or increase income for short period of time to ensure a larger down payment at closing.
5. Not understanding the true cost of homeownership
The majority of first-time buyers face the problem of not understanding the overall cost of owning a home. It involves much more than the mortgage payment as there are inevitable maintenance, repair or upgrade costs that come along with a house. Too many first time homebuyers forget that even the costs of moving and filling a home with furniture and paint can add up quickly.
We are happy to assist in answering any additional questions you may have about the first-time home buying experience. Our passion is putting our clients first and making the process of buying a home a smooth and enjoyable one!
Contact us today to see how we can help you take that first step toward finding your first home.