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5 Biggest Mistakes of First-Time Home Buyers

First-time home buyers tend to make mistakes when buying a new home. Some first time buyers think that they're being cautious and smart, but they still may not be familiar with the unique and complicated home buying process. 

1. Not Considering potential Value of the house: 

Buying a home is a personal decision. For most of the buyers, purchasing a house can be a big investment so it must be taken smartly. Investment should be made on those properties whose value must increase with time. However, first time home buyers do not focus on this key point and take a wrong decision for which they might have to suffer in the future.

To avoid this mistake, here are some major checklist items that should be considered when buying a home:

  • Location is a top selling factor.  Houses, situated near highways and roads may add value to the selling price. 
  • Usually investors do not focus on views but a house with pleasant view will impact a future sale price.
  • Home's layout is a decisive thing in which number of bedrooms, bathrooms, closets in each room, modern kitchen layout and swimming pools may receive higher resale value.

2. Gullibility on an unwritten Agreement:

Believing in an oral contract is the oldest mistake in the house buying industry. As the verbal agreements are not legal, it is good to secure written agreements with the seller or the builder.

3. Neglecting the Home Inspection:

Neglecting the home inspection is a most common mistake made by first time home buyers. Just asking the owner or agent about the home is not sufficient as they are not experts. You should get your own professional inspection of everything including foundation, construction material, plumbing, heating and air conditioning, electrical system etc.

4. Skipping A Mortgage Pre-Approval: 

Most of the time buyers go through the loan application process after making the offer. And if the buyer is unable to provide the sufficient amount from the lender as much he/she hoped, then it will delay the home buying process.  Some sellers may refuse your offer unless you've got a pre-approval letter. To avoid this hassle you must get pre-approved by your lender.

5. Forgetting About Additional Costs:

Forgetting about the closing cost can impact your budget when closing a deal.  Here is a list of any additional fees you should suppose to pay:

  • Appraisal Fee
  • Credit Report Fee
  • Escrow Fee
  • Notary Fee
  • Property taxes
  • Homeowner's Insurance Fees
  • House inspection
  • Moving cost
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300 Richmond Road Grey Lynn
Auckland , NZ , 1021




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