5 Common Mistakes First Time Home Buyers Make
Education and the right guidance could be the difference between a frustrating and or a pleasant home buying experience. Home buyers many times rush into the home buying process without enough or the right information. To avoid what I consider the top 5 and some other common first time home buyer mistakes, educate your self and get the right guidance.
1. Often times, even though they may qualify to buy, first time home buyers wait to long to buy a home and many times end up paying more on rent than they would pay for a mortgage. If you can afford it, don't be afraid to take the first step, especially in this market.
2. Many buyers over stretch themselves when buying a home and eventually end up getting in trouble and loosing them. As a general rule your monthly mortgage payment should not be more than 28% of your monthly gross income. Keep your monthly payments within a comfortable amount.
3. Some times, home buyers get overly excited and jump in to buy a home for the wrong reasons and end up regretting it. Make sure the home, neighborhood, location and current zoning regulations will work for your intent use. Other thing to keep in mind are busy streets, traffic noise, distance from schools and work. Take your time and wait for the right home that fit your needs.
4. Frequently, home buyers call the listing agent for information and end up working with them, big mistake. Listing agents work for sellers and their best interest, not the buyer. Even though ethical agents will do fairly good job, their moral obligation is to the seller. Unless you are an experienced buyer and know what you are doing, I recommend you get your own representation. Get your own agent to listen to your needs and represent your best interest.
5. I regularly get calls or e-mails about my pending or sold listings and then callers get frustrated when they find out the listing is no longer available. Real estate magazines and news papers are published weeks after listings hit the market and many website are not updated regularly. I know technology is great but you have to have the right tools and have to know how to use them. Realtors have the right tools and up to date information. Find a Realtor to work for you early on the process and save your self from frustration and disappointment.
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