Don’t make these mistakes buyers!
Mistake #1: Underestimating Finances
Knowing your finances is the most crucial step for first time homebuyers.
It’s important to work with a lender and get a pre-approval letter even before you start searching for a home.
This way you and your Real Estate Agent know how much you can afford.
Not sure what to do exactly? Go to your bank and ask them what programs they have for first time homebuyers.
Then go to more banks and shop around for better deals and lower interest rates.
Mistake #2: Chasing perfection
Everyone wants a 100% perfect home, right? However, sometimes this can put first time homebuyers on a wild goose chase.
The reality is you’re more likely find an 85% dream home depending on the market.
It’s important to work with your Realtor to understand your wants/needs and be flexible with what you’re looking for; the market may not have every amenity you want when you’re searching.
Instead aim to find 85% of the amenities you want in a home.
Why? In my experience I’ve found that buyers that want their 100% dream home often get disappointed and discouraged when they can’t find everything that checks off their list.
Maybe consider reducing your list down to your absolute needs.
This discourages clients because at that current moment the perfect dream home may not be on the market.
In the Charleston South Carolina market it moves very fast and there are plenty of options for first-time homebuyers but it’s important to be flexible in your search and get to as close as possible to finding your dream home.
Mistake #3: Not Hiring a Professional
Hiring a Buyer’s Agent, a.k.a., Real Estate Agent that represents a buyer, is very important when searching for a home, especially if you’re not familiar with the home buying process.
It may be tempting with all of the free resources online and homes you can search in seconds on Google, however..
Real Estate Professionals are educated on the entire buying process, have access to the best resources, and can educate you the entire way when searching for a home.
They’re not just there to get you in the house, they’re your confidant, support, and counselor.
The best part? You don’t have to pay a Buyer’s Agent a dime. The seller’s side does.
Mistake #4: NOT DOING Due Diligence
The last thing you want to do is move in to a home and you find major problems with it, right?
Leaky roof, shoddy foundation, damaged windows, electrical issues, etc.
As a first time homebuyer it’s important to do your due diligence by thoroughly inspecting and reviewing property disclosures (and any additional information from your Realtor) to ensure the home you’ve placed an offer on is up-to-date and does not give you any future problems.
Mistake #5: Only Searching Online
Don’t limit yourself to just searching online.
This can cause a lot of frustration for you as a buyer when looking for your dream home.
Websites like Zillow and Trulia are often inaccurate and are not updated regularly to reflect the property/listing information.
It’s important to work with your Realtor to ensure you’re receiving alerts from your local MLS and schedule home showings.
Photos online are not the best judge of a property, instead get out there and see properties in person!
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