Mistakes to Avoid as a First Time Homebuyer

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Buying your first home can be exciting, and it should be, as long as you take the necessary precautions and protect yourself against a possible bad investment. If you’re thinking about buying a home for the first time, take the following into consideration.

Make sure you get the right real estate agent working for you! You want to make sure your real estate agent is truly working for you. Some things to look out for are if they are experienced, and if you are generally comfortable with them. After all, this is one of the biggest financial decisions you will ever make in your life so make sure you know your agent is working for you. Secondly, while renting might not be your long-term goal, it might be wise to hold off buying a home until you know you’re financially ready. There is no such thing as a rainy day when owning a home. Instead, you get several of them, so make sure you have an emergency fund set aside for those days.


Try to clean up your DTI (debt-to-income ratio) as much as possible. That means, try not to make huge financial investments that would make the lender worry about your ability to meet the loan. On the topic of lenders, be sure to do your research and try to find yourself the best rates possible. While the Internet is great to start with, it shouldn’t be your only approach. Talk to friends, family, or your realtor for a recommendation on financing.

Making the highest bid sometimes isn’t the best strategy. Sometimes the buyers will try to win over the hearts of the seller through the use of hand-written letters. This will allow the buyer who might have a sentimental attachment over the property to choose that buyer over another with a bad attitude.

Finally, if you’re eager to buy the home and are trying to get the best deal possible, you shouldn’t skip out on home inspections. While it may save you a little to skip out on, it might end up hurting you more in the long run.

Taken from an article written by Bill Gassett from Massachusetts Real Estate News 



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