First Time Home Buyers Mistake


Home buying maybe one of the most exciting a person can do. Sounds like fun right. But did you know that home buying can also be the most stressful situation a person can experience? How is that? Of course as first time home buyers you need to become familiar with some real estate ideas and take time to understand how it works. Here’s a list of common mistakes home buyers do which basically prevents them from attaining their dream house. Also included are tips on how to avoid these mistakes.

1. Not Understanding What You Can Afford. When planning to but a property it has to be clear in your mind what you can afford to buy. You can determine the amount of money you can invest to your new home by creating a budget plan. You less all your expenses on the amount of money you earn every month. By this way you’ll have a clear insight on how much you can afford in buying a house.

2. Failing to Consider Extra Expenses. As a future home owner, it is inevitable that additional expenses may occur. This could either be property taxes, insurance, association fees, repairs and etc. When conducting your home research you also need to consider all of these matters.

3. Being Too Picky. From the term itself, home buyers should avoid being too picky. I know we all have our dream houses; we’ve set the features a house should poses but sticking to the features you want will end you up with nothing especially if you only have limited funds. Remember that you can always choose to wait longer until the time comes that you can afford everything you wish you have.

4.  Missing Vision. There are times when home buyers get disappointed on physical imperfections they see on the house. Noting that the property has met your needs in terms of the size, location and others. Remember that renovation is much cheaper if you do it yourself, rather than buying a house where major renovations has been done. Property owners add the renovation expenses to the value of the house which can be more expensive.

5. Ignoring to Inspect. Before you close on the purchase of the house, you should know what type of overall appearance the residence is in. There could be a lot of invisible and unanticipated repairs required, easily flipping the residence into a cash pit. Make sure you are making a good financial commitment and preventing a possible enormous financial error.

6. Not selecting to seek the services of a Broker. Once you are seriously purchasing for a home, you don’t want simply to move into an open house without having a representative, or at least the name of one you are working with. Providers are presented to the honest concept that they must act in both the seller’s and the customer’s passions. However, you can see how that might be examined if you begin working with a seller’s agent before getting in touch with a representative of your own.

A home is the most expensive purchase many people will ever create, but it doesn’t need to be the most difficult. While purchasing your first home can seem frustrating, being aware of these common mistakes can help you prevent expensive repercussions and allow you to store with assurance.

Frank Rizal is from DMCI Homes a premiere triple A Home Builder. DMCI Homes offers apartment for rent in Taguig, apartment for rent in Manila and apartment for rent in Pasig. Be sure to check Frank Rizal’s website at DMCI Homes for more information.