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Five of Common Mistakes You can Make as a First-Time Homebuyer

Category: Real Estate  |  Permalink

Published: Friday, April 23, 2010

Going home shopping can be a lengthy and stressful process even for the most experienced of buyers. As a first time home buyer, things can prove to be far more difficult, tedious and demanding than you had once thought. So if you are looking for a new piece of Murrieta real estate or Temecula real estate, be sure to read up on these five common and costly mistakes that first time homebuyers should avoid making.

Five Common Mistakes

1. Shopping around without knowing what you can actually afford. It is extremely important that you take the time to sit down and go over all of your monthly expenses. Everything should be accounted for, including major expenses that only occur once a year. Simply subtract this total from what your take-home pay is and you will know exactly how much you can afford on a new home each month.

2. Starting your home search without a Mortgage Qualification. Be sure to get pre-qualified on a loan before placing an offer on a home. What you think you can afford and what the bank is actually willing to lend you can be completely different than what you may think. Also be aware that the loan could potentially fall through at the last minute if you have done something to alter your credit score.

3. Not remembering to figure in taxes, fees, maintenance, closing costs and insurance. As a homeowner you will be responsible for paying a number of new expenses you once did not have to. It is important that you do your research on the place you are interested in, so you can get a better estimate on the expenses you could expect and if you can afford them.

4. Being far too selective. Often times first time homebuyers have a more limited budget to work with. Due to this, it is important that you create of a home-buying wish list. If you are okay with making a compromise or two then go forward with your home search. If your list is more on the "must have" side, stick out renting for a bit longer until you can afford everything you are looking for.

5. Passing up a really great place due to a lack of vision. Do not let any minor imperfections sway your decision. If the living space is nearly exactly what you are looking for but the wall paper is hideous, it might be worth it to live with it for a little while in exchange for getting into a house that you can actually afford. On another note, making the upgrades yourself or through a contractor can are often times cheaper than paying the increased home value to seller that has already done the upgrades themselves.

With the help of an experienced real estate agent like James Brennan, your first home buying experience is sure to go smoothly. He can assist you with all of your Temecula real estate and Murrieta real estate needs. James Brennan of Brennan Real Estate Services is your source for an up to date FREE MLS search tool to help you find photos, property directions, and more for Murrieta real estate, Temecula real estate, and other real estate in the Riverside County area.

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