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First-Time Home Buyers: Avoid These Mistakes
First-time home buyers look forward to living in their own home. They often get so excited about the thought of owning a home that they will make rookie mistakes that may end up being quite costly. Our real estate agents are available to help prevent those mistakes from costing you the dream home you have always wanted. Be aware and ask for advice from people in the real estate industry. They know the market and will be able to give good advice.
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Look for a lender first – One of the most common problems for a first-time home buyer is looking for the house before they find a lender. Get approved for financing first. This gives you the amount you qualify for and also a letter proving that you are capable of being financed for a specific amount.
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Talk to multiple lenders – Don't talk to just one lender. Check with several. Some lenders may have more lenient financing requirements that will allow you to get the property you want without an excessively high down payment.
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Know your budget – Don't look for houses that your budget can't afford. Know your budget and make sure you will be able to make the monthly payment as well as your utilities and other financial obligations. Look at your budget for the next year and beyond.
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Take your time – Take your time when looking at a home. There are many Bergen County homes for sale in our area. If you don't like what you see today, keep looking! Others will be listed soon! Don't rush into a sale or purchase based on your emotions. It can backfire on you.
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Don't drain your savings – Don't drain your savings account! Instead, continue to put a few dollars in savings every chance you get. Limit how much you are willing to pay when it comes to your down payment. You have options available to you. Take advantage of them!
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Keep an eye on your credit – Keep a close eye on your credit by monitoring the three credit bureaus. You can also use apps like Credit Karma. Most check your credit scores every day and provide you with new scores when they change.
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Check your down payment options – The 20% rule when it comes to down payments on a home no longer applies. While 20% is still the best possible amount, the average down payment on a home is now around 12%.
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Be aware of hidden fees – Before you make a bid on a home, ask about the other fees that may be associated with the sale. This can include an appraiser's fee, closing costs, title transfer and insurance, and property taxes. It's important to know these amounts because they will have an effect on the final amount you will pay for the home.
Don't make common first-time home buyer mistakes! When you are ready to buy or sell your home, contact us! Our agents have years of experience. We can guide you through the process and make sure you are aware of all the common pitfalls that sometimes come with buying a home.
Corporate Headquarters
7 E Central Ave, Unit 15, Pearl River, NY 10965Phone: 800-ASK-JOYCE (800-275-5692)
