Common First Time Homebuyer Mistakes to Avoid

couple sitting with realtor looking at tablet

Buying your first home is one of the most exciting milestones you’ll undertake in your adult life. Equal parts exciting and anxiety-ridden, the process can take you on a rollercoaster of emotions…but it doesn’t have to! The goal for every first time homebuyer should be to have an enjoyable home buying experience with the least amount of stress as possible. In the end, you want to not only end up with your dream home, but you also want to walk away from the home buying process feeling as if your voice was heard, your concerns and wishes were met, and your budget was adhered to. At Chuck Mangold, we’re familiar with every aspect of the home buying process, particularly for the first time homebuyer, which is why we’ve compiled three valuable pieces of advice for the first time homebuyer.

  1. Representation: The first and maybe the most important step in the home buying process is selecting a realtor and a lender that you are comfortable working with. We’ll start with the realtor. Your realtor will be with you every step of the way, explaining the process, showing you a variety of homes, and helping you weigh your options. Select a realtor that you can trust and that you feel comfortable working with. To that same end, you’ll also want to select a lender that you feel comfortable with and that fits your needs. Find out early on in the process what you qualify for – this will help you consider homes with confidence when you begin your search. It will also give you an upper hand when negotiating, as your lender will be able to arm you with a pre-qualification letter to include with your contract.
  2. Asking the Right Questions: Quite honestly, ALL of the questions are the right questions. This is YOUR home buying process, so if you have questions, ask them! There are no questions that aren’t worth asking, and the right realtor will make you feel comfortable asking them all. Your realtor and lender should be willing to explain and seek answers to each and every question so that you go into your settlement feeling confident and happy. Find out about property taxes, utility costs, deferred maintenance issues, insurance, school districts… there really are so many questions to be asked!
  3. Living Within Your Comfort Zone: Getting caught up in the excitement is easy and quite tempting for first time homebuyers. It’s easy to bite off more than you can chew; don’t assume that what a lender tells you that you qualify for is what will be comfortable for you. Try to leave yourself some room in your well thought out budget for some unexpected expenses…and for some fun!

The home buying process should be exciting. While it is daunting for the first time buyer, with the right realtor and lender, an inquisitive approach, and a well thought out budget, the process can be seamless and fun. Enjoy it!