Avoiding missteps when buying a home for the first time

On Behalf of | Sep 12, 2019 | Residential Real Estate

Are you ready to buy your first home in New York? This is an exciting point for any adult, and you may be dreaming about weekends in your backyard, ideal paint colors for your kitchen, and watching your child take his or her first steps across the living room. Before you get too far ahead of yourself, however, you will want to take the time to learn how to protect your interests in this process.

First-time homebuyers often make mistakes during the process. These are preventable missteps that can cost time and money down the road, and you will want to know how to avoid them. Doing a little research beforehand and acting prudently throughout the purchasing process can allow you to feel confident in your choices and financially secure for years to come. 

What should you avoid?

There is much more involved with buying a home than just finding a house you like and making an offer. Thankfully, simply learning about first-time homebuyer mistakes can help you see when there is trouble ahead and help you avoid it. Some of the most common missteps include:

  • Thinking that you can afford much more in a house than you actually can
  • Failing to check your credit report and taking time to correct any errors, if there are any
  • Not making at least a 20% down payment on the home
  • Not looking at various loan programs and financing options available to you 

One of the most significant mistakes that people make when they are buying a home for the first time is underestimating the cost that comes with owning a home. While you may be able to afford a mortgage, can you afford taxes and insurance? Can you afford the costs that come with making repairs, fixing things, cooling or heating the house, and more? Don’t assume that, just because you can afford the mortgage, you will able to handle the other responsibilities comfortably.

Your first step 

Your first step when buying a home for the first time is to look honestly at your finances and to take the time to learn how you can protect yourself. It may also be helpful to speak with an experienced real estate attorney about your legal options and how you can move forward throughout this process. It’s an exciting time, but do not allow this excitement to cause you to make bad decisions.