Return
to top
First-Time Homebuyers Guide: Common Mistakes to Avoid
Share
Posted by Mike F. on September 1, 2016 in Home Focus

Back at it again with tips for first-time homebuyers—this time to go over some common mistakes to avoid. Making the leap and buying your first home is exciting! But be sure to take your time and not fall into these common traps.

 

  1. Thinking you don’t need a real esate agent. Professional help is important when you are buying your first home. Ask your family and friends for references on a good real estate agent. A real estate agent will provide you with independent advice and help you with any negotiations and paperwork.
  2. Making an offer before having a preapproval letter. Before you start looking for your first home you need to get a preapproval letter for a mortgage. Don’t be afraid to go to a bank and get preapproved. It is important to know what the bank will lend you before starting your search. You want to be sure you are looking at houses within your budget.
  3. Not getting the house inspected by a professional. No matter how new or old the house is, it is very important to get the house inspected by a professional. They will review the house, inside and out, from top to bottom, and provide you with a detailed report of the condition of the house. This can bring to light any potential issues you may want the current owner to fix before you finalize the purchase.
  4. Forgetting to factor in the other costs outside the mortgage. When you are planning your finances and budgeting for your mortgage, it is important to factor in costs like property taxes, homeowners insurance, utility bills, and even potential maintenance.
  5. Opening up a new line of credit before your closing date. When you are closing on a new home, you may feel the need to buy all new furniture or appliances. And the store credit card with 0 percent interest for 24 months may seem like a great idea, but your mortgage lender will definitely be pulling your credit right before closing and any new debt can cause issues and potentially even stop the sale.

 

At every step in the process, ask yourself if what is happening makes sense. If you aren’t sure, ask someone you trust such as a parent, in-law, sibling, or advisor. Avoid these simple mistakes at all costs, and enjoy your new home.

Tags
first-time homebuyer, common homebuying mistakes, homebuyers guide
Mike F.
Mike F. knows Acuity and insurance inside and out. He has more than 36 years of insurance industry experience, including 29 years at Acuity. His expansive knowledge of home insurance makes him a valuable resource. One of his favorite things about the insurance industry is helping people recover from low points in their lives and getting them back on their feet. If he is going on a trip, you’ll likely find him somewhere warm and sandy
Get a quote today and Achieve Total Acuity
Tips to Organize Your Closet
Posted By: Addie B. on April 9, 2019 in Home Focus
While we have shared tips in the past about other spaces in your home, today we want to talk about closets—you know, those areas in your home you pack full and close the door when you “clean” the living room.
4 Things to Consider When Finishing a Basement
So, you have decided that finishing your basement is this year’s big winter project. Where do you start? Before you begin framing out walls or putting up drywall, there are a few steps you should take to make sure your basement is ready for a makeover.
DIY
Wood-Burning Stove Safety
Posted By: Addie B. on December 18, 2018 in Home Focus
Having a wood-burning stove as a source of supplemental heat during the colder months can result in significant cost savings on your electric bill, but did you know it can cause an increase in premium on your homeowners insurance?
View more blogs