Common First-Time Home Buyer Mistakes

Posted by Homes By Kelli on February 28th, 2020

If you are buying your first-ever home, there are many common mistakes that you might make. Here at Homes by Kelli, we have assisted many people in your position to avoid common mistakes and get a great deal on a home. Below, we will discuss some of the common mistakes made by first-time home buyers.

1. Emptying Your Savings

Sure, you might have waited a lifetime for this moment. However, you don’t need to put yourself into financial risk because of your first home. Even if you have to wait a few months in order to better afford the investment of your down payment, you should not empty your life savings to buy your first home.

2. Applying for Credit Before Closing the Mortgage

Although shopping through the homes for sale Hampstead NC (or your location of choice) may only be part of a broader life goal you have in mind, you should not apply for credit cards before actually securing your mortgage or it can have adverse impacts on the final deal that you receive.

3. Not Securing the Mortgage First

Don’t go out shopping for homes if you don’t already have the capital in hand. The idea is to get pre-qualified before actually shopping through homes for sale Porter Neck Plantation or your location of choice. Make sure you know that you can make a deal before actually seeking the deal.

4. Not Doing the Math on Maintenance & Repair Costs

You simply need to consider that there are many different potential maintenance and repair costs involved in owning a home. Be sure to spend lots of time considering each of these costs. For best results, overshoot the costs so that you have more than enough money for these things ready.

5. Not Placing Enough Money Down

The initial down payment that you make will have a large impact on the monthly payments that you will be making from here on out. Therefore, try to invest as much as possible here. However, as we stated, don’t empty out your entire life savings in the process.

Ready to Buy a Home in North Carolina as a First-Time Home Buyer?

Whether you want to find a nice home for sale Ogden, NC or in another one of the cities of North Carolina, Homes by Kelli is a wonderful resource to help you during this process. Be sure to visit our website today and see the homes that we have available!