5 Common First Time Home Buyer Rookie Mistakes
Being a first time home buyer, finding the perfect home for yourself and your family can get overwhelming and stressful. Make it a little bit easier on yourself by avoiding these 5 avoidable rookie mistakes.
1. Not knowing how much house you can afford to buy.
Before shopping and going around to open houses, it's important to speak with a mortgage lender about your options. They are extremely helpful and offer a wealth of great advice leading up to your big purchase. This will save you a great deal of time so you don't waste it looking in neighborhoods that are financially out of reach (at least for now, of course). Also, in Arizona you are required to submit a Pre-Qualification Form from your lender when submitting an offer on the house. If you need a few lender recommendations in the Valley, you can always ask us for one.
2. Thinking that a fixer-upper is cheap and easy.
While most first time buyers want a move in ready home, a few get caught up with all the "fix & flip" shows on TV that make it seem like a super simple job. Unfortunately, for the average person that doesn't work in the construction industry, it's not. Yes, repainting walls, updating fixtures, and adding "snap-on" laminate flooring is not too difficult with all the guides available to us online. But if you are thinking tackling anything more than that, we recommend having a licensed contractor inspect the home and provide you information on required permits, cost estimates, and other pertinent facts.
3. Not looking at your cellphone service bars while at the house.
Imagine moving into your new home on the first day and you decide to order a celebratory pizza (or two 😏 ). You try dialing the pizza place, but the call doesn't go through. You ask your significant other to place the call, and nothing. A modern day NIGHTMARE! While this may seem like a plot for a horror film, it's easily avoidable. Simply walk around the house and observe your service bars in each room. It's that easy.
4. Not doing a Home Inspection.
Please, please, please do not waive your right to a home inspection. There is just no reason to skip one of the most important steps on your journey to homeownership. In Arizona, buyers are given a customary 10 day Inspection period to discover any important facts about the house that may not be seen at first glance. Be sure to hire an inspector, as they will examine the roof, plumbing, electrical work, evidence of termites, remaining A/C life, proper ventilation, and other important aspects of the home. You could be living in that home for 30+ years, we strongly recommend you take 10 days to inspect your investment!
5. Thinking you can do this solo.
You may have planned on buying a home for a long time and have done your homework. But there is no reason to go alone. A good Realtor studies the market, the competition, and knows the neighborhood you want to live in. They know the entire process including required contracts, forms, and your rights when you make a purchase. Best of all, they are free for the buyer, since it's customary in Phoenix and the East Valley to have the seller pay the commission of both agents.
Simply following these 5 steps will greatly reduce any headaches in the future and ensure that you will be absolutely happy with the home of your dreams!
