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What first time home buyer mistakes should you avoid?

On Behalf of | May 25, 2021 | Real Estate Law |

When buying your first home, it is easy to feel overwhelmed and out of your depth. Many first time home buyers end up making avoidable mistakes simply because they get overwhelmed by information and do not do proper research.

As a first time home buyer, what are the biggest mistakes you should keep an eye out for?

Ignoring the home’s base quality

Business Insider lists the most common mistakes of first time home buyers. First, many people ignore the quality of the home itself due to fancy bells and whistles. Though appliances and décor are important, do not let them outweigh the importance of a solid foundation, proper building techniques and materials built to last.

Do not offend the seller, either. This can happen if you make a lowball offer, assume the price point is flexible or refusing to put down the largest payment that you can afford. In a seller’s market, they can easily turn down an offer for perceived or real slights, and will always go for an offer with the most benefit to them personally.

Remember your resale value

Remember you will need to sell the home someday, too. Even if you plan on living there for decades, you must still consider resell value, location and whether or not you could feasibly sell the home at a gain at any point. After all, no one knows what paths life might take. It is best to prepare for all outcomes.

Finally, do not pass on a great home just because it happens early in the search. Chances are, you will not find a home you like better than that first one and by the time you go back to it, someone else may have snatched it up. Act fast to avoid living with regrets in the aftermath.

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FindLaw Network