First Time Buyer

First-Time Home Buyer Mistakes

Common First-Time Home Buyer Mistakes to Avoid

first time home buyerWhen the time has arrived for you to finally buy a home and take your life to the next level, you'll start getting advice from everyone and his twin brother, but take everything with a grain of salt. 

Take your time and do some research, which entails both Internet browsing and good old fashioned legwork.

Then be sure to avoid these common mistakes made by first-time homebuyers.

 

Not reading the fine print

  • This is "honeymooners syndrome," where newlyweds are so anxious to move into their white-fenced dream home that they neglect to read the fine print, and they just gloss over the financial details.

Not checking your own credit beforehand

  • Your credit score, a three-digit number between 350 and 850, becomes all-important when seeking finance for a home, so find out how you look to prospective lenders before you start the process. 

Not getting pre-approved for a home loan

  • Sellers prefer bids from pre-qualified or pre-approved buyers because it shows they have means to back up their bid.

Not getting it in writing

  • Get everything in writing before you start packing up your stuff. Verbal agreements are not binding in real estate.

Forgetting the hidden costs

  • Many first-time homebuyers build their dreams around an over-simplified equation involving their income and their monthly mortgage payments, but it doesn't work that way.

You cannot overlook the ancillary costs of escrow fees, notary fees, loan application fees, home inspection fees, homeowner's insurance, property taxes, and moving costs.

Should You Buy in the City or the Suburbs?

buy house in downtown cincinnati

The only one who can decide whether your first home should be located in the city or the suburbs is you, but it's an easy decision if you keep a few simple facts in mind. 

Life In The Big City

But maybe the urban life is more enticing for you. If you love the adventure of trying out the latest trendy restaurants and the hottest nightclubs, or if you value being in close proximity to everything, consider a home in the city. You don't have to sacrifice the view, either, by taking up residence within the city limits, when new high-rise condos in the heart of the downtown area offer breathtaking panoramic views.

Green Acres Is the Place for You

If you like peace and quiet, and you like to sleep in once in a while, the suburbs are quieter than the city. Some suburbanites swear by the quality of air they get outside of the urban centers, not to mention the oft-lower crime rates in suburbia. 

In a recent poll, of first-time homebuyers, a surprising 62 percent said they regretted not buying a bigger home. You have to consider that your needs and your family may grow quicker than you think.  There are great homes on the market in both the cities and the suburbs, and you need to decide which location is the best fit for your lifestyle.

The best place for you to buy your first house is wherever you feel most at home. I know the Greater Cincinnati Ohio community well... contact Gregg Sutter Realty and let's go shopping. 

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