Don’t be fulled by First Time Home Buyer Mistakes!

Don’t be fulled by First Time Home Buyer Mistakes!

Are you a first time home buyer? Here are the top three mistakes to avoid when purchasing your new home;

First time Home Buyer

1. Overspending – Prior to viewing your first home you should meet with your lender and request a pre-approval letter for an amount you can afford AND
feel comfortable with. This amount is not necessarily what you can be approved for.  The term “House Rich” defines people who have the majority of their
money wrapped up in their home and cannot afford anything else. Make sure to stay within your own personal comfort limits and not necessarily the
highest amount you can get approved for.

2. Closing Costs – Failing to account for closing costs when looking for a home can be a costly mistake. Not only should you look to your lender for basic closing costs you also need to pay close attention to taxes, subdivision dues and homeowners assessments that are unique to every property.  A qualified Real Estate agent should go over this prior to writing a contract so there are not any surprises at the closing table.

3. Protect Your Investment-  When it comes time for inspections do not be thrifty. You should get the best possible inspector and every inspection necessary prior to purchasing your home. A basic building inspection, radon, and termite inspections are all standard. Additional inspections that might be needed are structural, pool, well, septic, sewer lateral and others that can be specific to the home.

If you are thinking about purchasing your first home call an expert at St. Louis Realty to help you avoid first time home buyer mistakes.  Our services are free to buyers and we have negotiated literally thousands of homes. Give us a call today St. Louis 314-ST-LOUIS (785-6847) or St. Charles 636-397-SOLD (7653).