Five Common First-Time-Buyer Mistakes to Avoid

Missy Stagers — Tue, 15 Nov 2011 02:06:20 +0000

First time home buyers are a large part of the San Antonio real estate market and often times they are not as prepared as they think they are for this journey.

Here are five common issues that first timers face:

It Costs How Much to Own a Home?

The time and costs associated with the upkeep of a home you own is not comparable, at all, to what you were used to when you rented. You must calculate repairs and maintenance, which will be directly attributed to the age, size, and construction of the home; as well as the size and landscaping classification of the lot that it sits on. There is also HOA dues, furnishings and appliances, and all kinds of expenses that you weren’t expecting! All of this must be taken into consideration, not just the mortgage, taxes, and insurance.This Place Looks Great, Let’s Skip The Inspection!

Believe it or not, realtors here this all the time. Not only will theinspection

often dictate the direction of the on going negotiations of the purchase, but will directly affect the calculation related to number 1…the cost of ownership. Please do not overlook the importance of a good inspection! Invest the money in the inspection for peace of mind!We Only Want To Look At Short Sales and Foreclosures Because They are the Best Deals

You CAN get a great deal on a short sale or foreclosure,but bre prepared for a massive commitment of time and a high probablity of failure that is out of your control. This type of purchase takes patience. You should they cast your nets beyond the short sales
and foreclosure. Also, there is so much “distressed” inventory that all of the homes in a given market have to compete at the lower price points.Have You REALLY Thought of All That Goes Into Buying?

Maybe not. Is your employment stable? The reality is we are in a very tough economy where nothing is guaranteed. Have you been pre-approved? Do you have a great realtoron standby ? Have you decided where it is that you want to live for 5-7 years? If you have not ruminated on each and every one of these questions…YOU ARE NOT READY!

Why Think About Resale Value? We Plan On Living Here For The Rest Of Our Lives and Providing A Place For Family Christmas and Thanksgiving.

Was your selection based on emotion or logic? Back in the good old days people used to have the luxury and expectancy of stability. It is no secret that this is not the paradigm we live in today. With unexpected layoffs and the challenging economy, you could be in a crisis situation.This is when you reap the benefits of deciding on the right house and location.So, are you really ready to make the leap? Buying a home is a great investment if you know what you’re doing and are prepared. Talk to your realtor throughout the entire process and ask many questions to make sure that you are buying the perfect place for you and your family.