Mistakes Made by First-Time Homebuyers

by Michelle Plunkett, Associate Broker 05/12/2019

First-time homebuyers are prone to making a lot of mistakes when it comes to picking a home, due to many reasons—one of which is just plain old inexperience. If you plan to buy your first home soon, these are a few things you want to avoid.

  1. Not having a budget. It might surprise you to know but a lot of first time home buyers don’t have a spending budget before they start looking. Or sometimes, they look at houses that are way over what they can afford and end up spelling more money than they ought to. It's always better to clearly define what you are willing to spend on the new house and stick with it. That way you have a more comprehensive search scope that you can share with your realtor.
  2. Being overly emotional. Sometimes you see a house that looks like the builder intentionally had you in mind. But sometimes it's better to put your emotions in check because it might reduce your bargaining power with the seller. Being too excited might even make you oblivious to specific reasons why the home may not be a good fit for you.
  3. Not factoring additional costs of renovations and home improvements. Having a budget and firmly sticking to it is not enough, you also have to take into consideration the costs of any home additions or repair work you think of doing. You want to change the lamp fixtures or faucets in the showers? Be prepared to spend a little more.
  4. Underestimating the costs of maintaining the home. Sure, you get to buy the house at a giveaway price but have you stopped to consider what it will cost you to keep the house in that condition? Lots of first time home buyers don't do this. Electricity bill, gas bill cable bills, and even homeowner association fees are things that any home buyer should consider before concluding on any deal.
  5. Not hiring an agent. Winging it on your own is probably the most common mistake first-time buyers make. In a bid to save some money, they neglect to hire an agent of their own and choose to work directly with the seller or even worse, the seller’s agent themselves. More likely than not, what’s going to happen is a novice buyer who finds himself outclassed by an experienced salesperson.

Whatever you do, avoid these mistakes by contacting a real estate professional in your area.

About the Author
Author

Michelle Plunkett, Associate Broker

It's simple, really.  Help people.  Each client is unique.  Every situation deserves special attention.  Each home, neighborhood and community is a perfect fit for someone.  Whether you are part of a grieving family settling an estate,  1st time home buyer, Upsizing, simplifying or find yourself starting a new life chapter, I am eager to understand your needs, provide you with options, guide you along and help  you to make insightful, shrewd decisions. What journey do you find yourself embarking on?  I would love to share the adventure with you - keeping it exciting, fun and rewarding!  I am a  FULL TIME   Realtor - working my schedule to fit with your lifestyle and adapting to your technological abilities.  Together we can make it happen! In appreciation for your business and in keeping with the spirit of thankfulness to the community that has supported me along the way, a portion of each commission is donated to charity.