Purchasing your first home can be equal parts exhilarating and headache-inducing. As exciting as making the jump from renter to homeowner can be, there are a number of hurdles you’ll need to clear along the way. Considering how much capital is at stake with a purchase of this magnitude, it behooves all homebuyers to do their homework in advance of committing to a mortgage. Cost-conscious homebuyers on the hunt for their first residence would do well to avoid the following missteps.
Making a Decision in Haste
If you’ve been dreaming of homeownership for years, it stands to reason that you’re very eager to close a deal on your first home. While wanting to make your longtime dream a reality is perfectly understandable, the purchase of a home is never a decision that should be made in haste. So, no matter how much pressure you face from sellers and/or real estate agents, avoid making a purchasing decision until you’ve done sufficient research on both the property and the area. The more pressure a seller places on you, the more likely they are to want to unload their home in a hurry – which should give you pause.
Of course, this isn’t to say that you should take an unreasonable amount of time to make your decision. After all, if you keep a seller waiting for weeks, it’s perfectly reasonable for them to find another buyer. Still, missing out on purchasing a home on which you weren’t given time to do proper research shouldn’t fill you with regret. When hundreds of thousands of dollars are at stake, you’d do well to avoid taking huge risks. Old North State residents looking for homes for sale in Charlotte, NC are sure to find a broad assortment of attractive options. However, regardless of how positive your first impression of one of these homes is, make sure to put in some research.
Not Working with a Home Inspector
Purchasing a home without having it inspected is ill-advised under any circumstances. No matter how flawless a home you’re looking at appears to be, a personal walkthrough is no substitute for a professional inspection. Not all problems with houses are readily apparent, and it takes a certified home inspector to spot certain issues. So, regardless of how hyped you are about a certain home, make sure to have it inspected before committing to buy.
Because they don’t want to risk ruining deals or creating conflict with sellers, some homebuyers opt to forgo inspections. Needless to say, this is a bad idea for a number of reasons. For starters, it can lead to massive buyer’s remorse in the event that large problems are discovered after the sale has gone through. Secondly, forgoing an inspection stands to decrease your overall bargaining power. Should a home inspection reveal problems that were previously unknown, it places you in a good position to request a reduction in asking price. As such, if a seller insists against a professional inspection, this should give you tremendous pause.
Committing to a Mortgage Loan You Can’t Comfortably Afford
The desire to own your dream home is perfectly understandable. However, purchasing this home shouldn’t bleed you dry financially. After all, if you’re left with virtually nothing after making your monthly mortgage payment, what does this say about your quality of life? Moving into your ideal home should not entail being unable to afford anything else.
With this in mind, make sure to carefully consider the terms of each mortgage loan for which you apply. If you don’t think you’ll be able to comfortably afford the monthly payments, it’s strongly advised that you set your sights on other properties or hold off on purchasing a home until you’re in a better place financially.
As you’ll soon discover, nothing else compares to closing a deal on your first home. Sure, you may have other residences throughout the course of your lifetime, but this is a purchase you’re unlikely to ever forget. Since an enormous amount of money is at stake in virtually every home sale, it’s important for all first- time buyers to make informed and educated decisions. Mistakes are liable to result in denied mortgage loans, so it’s in the best interest of all buyers to get educated, ask the right questions and avoid the blunders discussed above.