Twelve Costly Mistakes Made By First Time Home Buyers

1. Rushing into the transaction.

Buyers looking for homes in extremely tight markets may feel pressured to make an immediate offer. Instead, it makes sense to become familiar with the local market before making a purchase offer.

2. Not asking enough questions

By definition, first-time home buyers, simply don't have home buying experience. It may be uncomfortable to ask questions, but ask anyway. Agents can't answer questions that haven't been asked.

3. Searching in vain for the "ideal" house

Some buyers run themselves and their agents ragged as they repeatedly dismiss homes that meet most -- but not all -- of their specifications. A buyer who turns down a house that meets most criteria may lose the best available property as well as good financing if market conditions change. First-timers should surely view different homes before making an offer. That way you can better understand the marketplace and know more about local prices. Agents will often recommend that buyers, and particularly first-time buyers, avoid jumping on the first property they see -- but don't drag your feet when you find a house you love, either.

4. Avoid Over buying

Homes routinely seduce buyers into becoming "house poor". Don't spend so much for a home that you must forego annual vacations, restaurant meals and other forms of entertainment. Pre-approval can help determine a reasonable target price range and also identify the mortgage programs, which can work best for you.

5. Waiting for 20 percent down

That's an admirable goal, but years in the future for many first-time buyers. Homes often appreciate far faster than anything you'd save by waiting. It can be compared to chasing your tail. Instead -- especially in markets with rising values -- buy now with what you have.

6. Be realistic

It's tough to ignore a homes curb appeal, but what about practical matters? Enough space? Off-street parking? Good construction? Low maintenance? How far to work? Boring stuff -- but important.

7. Learn about zoning

Is the property next door zoned for a 24-hour service station? Fire station? Nuclear test site? Ask me about zoning for the property and also the surrounding area.

8. Ignoring representation

The odds are overwhelming that the seller has a agent. What about professional help for you? Ask about the benefits of having a Buyer Agency Agreement so you can have equality at the bargaining table.

9. Skipping an inspection

A professional home inspection is simply a "must" whether you are buying an existing home or a new one. Speak with inspectors before you enter the marketplace to see how they work, what they cost, and what they recommend. You can find a reliable one here.

10. Don't under-estimate closing costs

There is more to buying a home than a down payment. I can help you estimate probable closing expenses -- information you need to avoid unwanted financial surprises. Is there more you can do? Sure. Buying a home is a complex process -- so feel free to ask any questions and let me help you prepare before you go into the marketplace.

11. Trust your Agent

There's nothing more frustrating to us than having a buyer who will not give feedback. We need to know if we are moving in the right direction. We are on your side and are here to help you!

12. Be Loyal to your Agent

We put in a tremendous amount of exhaustive hours catering to our clients. Find out why a Zero Net "Buyers Agency Agreement" can be a great benefit to you.