Buying a home can be a confusing process, especially if it’s your first time. There’s a lot to learn, and sometimes it can feel like your head is spinning! Don’t worry—we’ve got the scoop on the top 3 buyer mistakes that you should never make.
Avoid these missteps and buying your new home will be easier than you thought!
Mistake #1: Not Using an Agent
Some buyers think that not using an agent will give them a leg up because they’ll have more cash in their pocket, but this simply isn’t true. When you’re buying a home, having a trusted agent on your side will help the transaction go smoothly.
A real estate agent’s job is to protect their client’s interests, and they have the insider know-how to help you find exactly what you’re looking for. Perhaps the most important part about using an agent is the advice they’ll provide along the way. If you need help understanding paperwork, navigating the closing, or looking for a home inspector, your agent has you covered. Not using an agent can cost you money, time, and energy, so let them do the heavy lifting!
Not Shopping for Your Mortgage
Believe it or not, mortgages aren’t a “one-size fits all” type of loan. There are tons of different mortgages that can suit everyone’s needs, so don’t think you’re locked into just one type. Not shopping around could cause you to leave money on the table, so make sure you get the best rate by exploring all lending options.
If you’re a first-time buyer, there are plenty of options available specifically for you. You’ll want to check out an FHA mortgage, which is backed by the federal government and helps buyers that can’t afford a down payment. Don’t forget to see if you qualify for a more niche loan, such as ones offered from the VA or the USDA.
Not Prepping for Other Expenses
Owning a home is a huge accomplishment, but it can be expensive if you don’t plan ahead. Even if you prepare and outline out how much you have to spend, it’s crucial to consider the expenses that come during and after the buying process.
Be sure to consider closing costs before you get the keys to your new home. Closing costs include fees from your home inspection, appraisal, your agent’s commission, and more. Believe it or not, closing costs can be thousands of dollars, so be sure to plan ahead.
Additionally, consider the costs that can come with owning a home. Make sure you know about HOA or maintenance fees before you move in. Also be sure to factor in any major repairs that have to be done and make sure you can afford them.
Ready to Make Your Move?
Now that you know about the top 3 buyer’s mistakes and how to avoid them, are you ready to take your first steps? If you’re thinking about buying a home in the Phoenix area, the S4 Group is ready to answer any questions you might have.