First-time homebuyer? Avoid common pitfalls when buying property.

On Behalf of | Dec 18, 2018 | Residential Real Estate

It is easy to become very excited about the prospect of buying a home, especially if it is your first time. New buyers are more prone to make costly yet avoidable mistakes, and it can be helpful to seek guidance and be prepared before taking this significant legal and financial step. If you are looking to buy a home for the first time, there are things you can do to prepare yourself for the process ahead.

Searching for residential property in New York is no easy task. Once you find a place that suits your needs, fits your budget and seems like the right choice, it can be tempting to forge ahead as quickly as possible. One of the most important ways you can protect yourself is to be careful and cautious as you move ahead.

Don’t commit these mistakes

First-time homebuyers, especially those who do not do their homework or work with a legal professional, are more likely to make missteps that can cost them time, money and stress down the road. Fortunately for you, it is possible to avoid these common mistakes, which include:

  • Miscalculating the cost of closing – You need more than just a down payment to close on your purchase. There are often fees associated with the closing itself, and you may find yourself coming up short if you do not plan on it or carefully review all of your purchase documents.
  • Not doing your research – You may love the house that you want to buy, but what about the rest of the neighborhood? If the area is not good, you may experience problems with resale and home value down the road.
  • Failing to be financially prepared – Buying a home should not financially devastate you. It is important to make sure you have approval for the amount you need, as well as make sure you can comfortably afford monthly mortgage payments. 

Before you make an offer or sign on the bottom line, discuss your situation with both financial and legal professionals who can provide you with honest guidance about the benefits and risks of buying a specific home.

Help from the very beginning

It is in your interests to have help from the very beginning of the home-buying process, even if you are simply looking at potential properties. Having guidance can ensure you do not take any steps that are not truly beneficial for your future interests. Buying a home is a major decision, but it is not one you have to make on your own.