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Buying your first home is an exciting time full of change, big decisions and brand new experiences. Since this time is something that is brand new as a first-time home buyer, it is also challenging and can come with mistakes.
Here are the most common mistakes that first-time home buyers make, so that you know what to avoid and can buy your first home with ease and confidence!
1. Forgetting about First-Time Home Buyer Assistance Programs
In almost every state, there are first-time home buyer programs that offer special loans and mortgage rates for people who have never owned a home.
These programs are designed with first-time buyers in mind, and knowing that the demographic is typically young people who don’t have a ton of money saved up to spend on a downpayment.
There are state, federal, and private assistance programs that are offered depending on where you live!
Make sure to ask a mortgage lender about first-time buyer options so that you can get the home of your dreams without breaking the bank.
2. Spending All of Your Savings
Spending all of your savings on a home is something you should never do! Even if you buy a brand new, never lived in before home, chances are that things will not always go as planned.
Spending all of your savings on a home means that if something breaks, you will not have any left-over money to fix it, and this can put you in debt very quickly.
If you fall in love with a home that is out of your budget, it is a good idea to weigh your options and think about whether or not you can truly afford it.
If you are set on a home, take out a loan and keep some of your savings ready, you can always pay back the loan if you don’t need it.
However, typically it is recommended that if you can’t afford a home, either don’t buy it – or save up money until you can afford it. No home is worth being in debt for years to come.
3. Leading with Your Emotions
Similar to buying a home that is out of your budget, buying a home that you are emotionally attached to but yet that might be impractical is another mistake that a lot of first-time buyers make.
Finding a home that is aesthetically everything that you want, but in a bad neighborhood, isn’t something that you should overlook.
To avoid this:
- Make a list of everything that is important to you – features, square footage, location, distance from your workplace, schools, neighborhoods, etc.
- Rank these desires in order from things you can’t live without – to the things that you would like to have – but that aren’t necessary for you to be happy and safe.
- Use this priority ranking to determine if a house is really right for you and to keep your emotions in check, sometimes a home can have everything you want but be missing one of your top needs – like being in a good school district!
Leading with emotions is difficult to avoid, so make sure that you weigh all of the options that you have and pick the house that fits most of your top priority needs!
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