When it's your first time to buy a home, it's natural that you feel at a loss about how to go about the process.
It's rare that the home buying process goes 100% smoothly for first-time buyers.
There's bound to be some oversight here and there, but it's important that you at least know what things to look out for so that you can get the most out of the home buying experience.
Let's say for example that you're interested in buying Raleigh real estate.
As you set your mind to go out and look at Raleigh homes for sale, it's important that you avoid certain pitfalls that first-time home buyers are prone to commit.
1.
Going home shopping without doing the math first - Going out home shopping without finding out how much you can actually afford can end up wasting a lot of your time and could result to much disappointment on your part.
It's better to know the price range of the house you can afford before you go out looking.
2.
Going home shopping without getting preapproved first - There are many things that can affect whether you will get approved for a loan or not.
It's possible that you may have done the math but lenders will still not approve your loan because you have no credit history or you have a bad history in the past.
The best way to go about this is to get a loan preapproval first before you go looking at those Raleigh homes for sale or whatever house you want to buy.
3.
Not saving up enough for closing costs - Some first-time home buyers have the misconception that they only need to prepare for the amount they will pay monthly.
Thus they save only for the downpayment when there are a lot of costs to pay before that.
Upfront costs can be a financial burden so it's best to save up for them or forgo buying a house until you've saved up enough to get out of the red zone.
4.
Falling in love with a house before having it inspected - It's easy to get emotional about a home purchase.
When you fall in love with a house, you find ways to make excuses for its faults.
Before you commit to the house, even on an emotional level, have the house inspected first.
Keep in mind that regular house inspection may not uncover more serious flaws such as mold, pest, and toxic chemicals.
5.
Being shortsighted about the location - Some people forget that they're not just buying a house; they're buying a house which is in a neighborhood.
It's important that you factor the potential of the neighborhood when you purchase real estate.
You wouldn't want to be stuck with a nice-looking house in a bad neighborhood.
6.
Being overly impressed with staging and upgrades - Sometimes it's good to be picky about the upgrades home sellers use as bargaining points.
For example, sellers may make a concession that you pay a specific additional price for the redesign of the kitchen.
You may end up saving more money (and redesigning the kitchen more to your own taste) if you just do it yourself and cut the cost from the price of the house.