6 Mistakes First-Time Home Buyers Make That You Can Avoid
Posted by Garman Group on
If you’re a first-time home buyer, this is an exhilarating time for you! However, it can also be quite intimidating since there is so much to know. We’ve talked before about what your first steps should be when you’re ready to enter the housing market. Now, we’re going to help you out by ensuring you avoid these 6 common mistakes we often see first-time home buyers make.
Buying What You Like Instead of What You Need
It’s so easy to fall in love with houses that look great. But if it’s only a two-bedroom with a small yard, and you’re planning on starting a family soon, you’re probably better off looking for something bigger.
Moving is hard work. House prices fluctuate, so you really want to try to buy a home which will serve you for at least the next five years or so.
Spending Too Much on a Home
It's essential you buy a house with enough space to serve you, as we said, but sometimes, buyers go overboard. They buy a home with too much space — especially one they can’t afford.
Even if you qualify for a larger mortgage, it doesn’t mean you have to use it all. Just because you’re qualified to buy a 5-bedroom home doesn’t mean you should if you only need three bedrooms. Extra space means extra mess — and extra expenses.
Not Factoring in Costs to Furnish & Decorate
There are hidden costs you’ll encounter when buying a property, but so many people forget they’ll have to furnish an entire home. Chances are you’re moving into your new home from an apartment or smaller rental home. Therefore, you’ll now have more — and likely larger — rooms to fill.
Going With the First Lender You Talk To
You might have a great relationship with your financial institution, and they're absolutely a great place to start when getting quotes for your mortgage. But it’s also crucial to check out other options as well. This is a considerable expense you’ll be taking on, so you should shop around a bit to see what others can offer you.
Not Looking Into First-Time Home Buyer Grants
There are some fantastic programs and grants you’re likely entitled to receive as a first-time home buyer in B.C. Your lender and/or REALTOR® can point you in the right direction to find these.
Hiring the Wrong REALTOR®
When it comes to buying a house, especially for first-time home buyers, it’s imperative to have a REALTOR® you can trust on your side.
Buying a home can be very confusing and time-consuming with all the paperwork, legalities, and everything else to do. A qualified REALTOR®, like one of us from the Garman Group, will work with you to find you the best home for your needs. We'll explain all the confusing details so that you don’t feel too overwhelmed during the whole process. We'll also give you all our other tips for homebuyers we've learned over the years.
Contact the Garman Group with any questions or to start your home buying process today.