Dos and Don’ts for a First-Time Home Buyer

Purchasing a home for the first time is one of the most exciting and important decisions someone can make. Making a mistake in the process can be devastating. However, most first-time home buyer mistakes are easily avoidable with a little bit of research and guidance from a real estate professional. Here are a few dos and don’ts to help prepare first-time buyers.

Don’t assume you are able to buy a home just because you have saved for the down payment. There will be other pre-buying expenses related to purchasing the home that you need to anticipate. Anticipating these costs and investing up front will make the loan process much easier. Make sure you check your credit score as well, because this will determine your interest rates and insurance costs.

Don’t make any huge purchases before you close. Lenders will re-check your debt load just before closing. If they see large additions to that load, they may back out on you, even at the last minute. Hold off on getting that new car, new furniture, new appliances, etc., until after you have closed.

Don’t underestimate the cost of home improvements. If you decide to purchase a fixer-upper, assume that any updates you plan to do will cost more and take more time than you budget. This may be true for smaller home projects, too, such as remodeling a bathroom or refinishing hardwood floors.

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http://realtormag.realtor.org/daily-news/2015/12/04/dos-and-donts-for-first-time-home-buyer