The 5 Big First Time Homebuyer Mistakes

So you are ready to jump into the first-time homebuying game. Because this is probably the single largest purchase of your life, it is recommended you avoid as many pitfalls as possible. I have outlined the biggest mistakes made by first-time homebuyers so you can save yourself a great deal of stress and difficulties.

1. Be honest with yourself and your expectations. Don't wait for the perfect house...it doesn't exist. Be prepared to compromise and prioritize on the necessary elements and features when buying your first home.

2. Be sure to ask your lender as many questions as possible. Ask the "right" questions too. It could ultimately impact how much you pay for your home. Good questions to ask include, "Does this loan carry an origination fee?" or "Will I have to pay for points to secure this interest rate?"

3. Don’t buy your first Cleveland area home before you do some comparison-shopping. This is especially true if you are new to the area. Become familiar with the “lay-of-the-land.” After we have done our “homework” and you find a solid candidate, don’t procrastinate either! While the selection of great homes is strong, good homes typically don’t last long under any market condition. By the way, don’t wait for the “perfect” time to buy your first home! The RIGHT time for you buy your first home is when you are ready.

4. Don’t make the mistake of writing an unrealistic offer. You could be simply helping someone else’s offer look much stronger than yours by submitting a “lowball” offer. Offer what you think the home is worth to YOU!

5. Don’t make the mistake of failing to think RESALE before you buy your first home. Remember, someday (sooner than later) you will sell your first home. Take this fact into consideration before you decide to submit your offer. Is this home “marketable” to other buyers besides me?

This information should help you avoid these pitfalls and enable you to be a smarter first-time homebuyer. If you have any questions about buying your first Cleveland area home, contact me, Keith Ramach your first-time homebuying expert for answers to your questions.

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