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Common First Home Buying Blunders And Advices

Buying a house is a major investment. If you are not careful, you might end up paying too much for the home. It can become more expensive or you might lose your dream home to another buyer. Possibility of buying a wrong home can increase if you do not know how to avoid such common blunders.

Use a systematic approach when buying a house. This will not only help you in avoiding the mistakes but also helps in cutting the costs of the house as well as securing your dream home.

The experts at The Blueprint have listed below some common blunders that first time home buyers make:

  1. Not knowing what they can afford.
  2. Not keeping their true feelings in check before the seller and the real estate agent. 
  3. Assuming foreclosures are great deals.
  4. Underestimating the costs of owning a home. 
  5. Failing to budget for property taxes.
  6. Assuming their first offer will get accepted.
  7. Skipping the home inspection.
  8. Failing to include a contingency clause in the contract.
  9. Not checking their credit report and score.
  10. Not getting preapproved for a loan or mortgage.
  11. Not creating a long-term budget.
  12. Forgetting about the hidden costs. 
  13. Not using professional help.
  14. Picking their real estate agent and lender blindly.
  15. Thinking they will get everything on their "wish list".
  16. Not keeping their feelings in check before hiring a home inspector.
  17. Not properly researching the neighbourhood
  18. Not considering the resale value of the house
  19. Skipping mortgage qualification.
  20. Failing to consider additional expenses.
  21. Not budgeting for the costs of home ownership
  22. Not researching down payment choices.

Below is advice from our experts for first home buyers

  1. Do not offer a blind bid: You must research the market and make a sound decision.
  2. Don't end up with the wrong home: Before you start the search for a house, make sure to carry a list of the things that you are looking for your dream home. 
  3. Is the title clear? Find out the true owner of the property and also check if there are any tax liens, leases, easements, undisclosed owners, or other encumbrances on the property it will cost a lot in future.
  4. Verify that the surveys are accurate: Always make sure to request an updated property survey.
  5. Be on the lookout for undisclosed fix-up items: Hire a professional or plan on doing your own inspection, keeping in mind that any fix-ups you need to do may turn your great deal into an expensive headache.
  6. Save time and headaches with Mortgage Pre-approval: A pre-approved mortgage gives you a sense of freedom and security while you buy a new home.
  7. Beware of hidden costs.
  8. Ask the seller or real estate agent to provide your total charges-in writing-well before your closing date.
  9. Don't rush through the closing!
  10. Read through the entire legal document and contracts to make sure the documentation accurately reflects your understanding of the transaction.
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300 Richmond Road Grey Lynn
Auckland , NZ , 1021




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