OpinionAgent

Buying your first home without regrets: 24 mistakes to avoid

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

First-time homebuyers make mistakes going into the homebuying process, throughout the process and even after they purchase a new home. Because they’ve never done it before! Here are 24 mistakes that I’ve observed and some tips on how to help rookie buyers avoid making them. Pre-purchase mistakes: Not knowing their true budget. Homebuyers should crunch their monthly numbers and know exactly what they can afford to pay each month toward their new home. No matter what their lender approves, they should stick to their determined budget. Not considering all expenses. Aside from the purchase costs, HOA fees and monthly payments, which real estate agents and mortgage brokers will advise on, homeowners should remember property taxes, utilities, maintenance, insurance and any renovations they’re planning. Not knowing what they want. Homebuyers should create a wish list and decide which features are “wants” and which are “needs.” Then they should shop with that ...