If you are planning to buy your first home, the task won't be a cakewalk for you. Most first-time homebuyers face several challenges and make a number of mistakes. Some of these mistakes are small and can be ignored, while some are grave which make homeowners regret later. We don't want you to make any such mistakes, which is why we have listed down a few common mistakes that first-time home buyers make so that you can learn from them and avoid.
1) Get your Finances in Place
First-time home buyers often start looking for houses before looking at their budget. It is important to know how much you can actually afford and the amount of mortgage and loan you’d get. It is really heartbreaking to find a good house and then realizing it is out of your budget. Hence, find a good mortgage and loan lender, get all the mortgages and home loans approved, and only then start your home-hunting process.
2) Avoid Quitting Current Job
Many individuals quit their job after obtaining a loan and mortgage, and look for a new one. There are a few people who quit their job to invest all the time in finding the right house. What they fail to understand is that they get the loan on the basis of their current job. Also, finding the right house and moving in it includes various expenses like transportation charges and shopping expenses. You must understand that bearing all these expenses without a job can be difficult after some time.
3) Consider Enough Space
Think about the future and find a suitable house. If you already know that you are going to have kids in the future or your parents will be staying with you, look for a house with enough rooms and extra space. You surely don’t want your family to face difficulties in living.
4) Don’t Buy If you are Going to Move
If you are a person who has to relocate and move to different cities or regions, it is better to look for a rented house or a house on lease. Buying a new house every time to relocate can be extremely expensive for you. You are simply going to waste a lot of money every time you move to a new place and buy a new house.
5) Inspect the House Thoroughly
Don’t decide to buy a house that looks beautiful and rich. You must inspect the house thoroughly to find any potential flaws and issues inside the house. You must ask questions about the cracks, leaks, weird smells, mold, and other structural and plumbing defects if any. It is also important to find out the history of repairs in the house to understand the present day efficiency.
Another mistake that first-time home buyers make is finding their first home all by themselves. If you don’t hire a licensed estate agent, you may end up making too many mistakes and closing an inappropriate deal. Hence, always hire our Edmonton real estate agents, as we have enough knowledge of the current real estate market.