Around 5.6 million houses are sold in America every year – if you’re looking to buy your first home, there are plenty to choose from. 

However, there’s also a lot of competition and getting on the first rung of the property ladder isn’t always easy. Saving for a down payment is a significant first step, but there’s much more to it than that. 

If you want to avoid the typical first time home buyer mistakes, you’ve come to the right place. This short guide will inform you about everything you shouldn’t do when buying your first home. Avoid these mistakes, and you’ll be unpacking before you know it! 

Read on to find out more. 

Buying Too High 

It’s easy to shop at the top of your budget, but that’s a major mistake for a first time buyer. Just because technically you can get a particular mortgage, doesn’t mean that you should.

There are so many additional costs associated with buying a house that you need to factor in. These include but aren’t limited to:

• Legal fees
• Solicitors fees
• Tax payments
• Title transfer fees
• Surveying costs 
• Holding fees 
• Moving costs 
• Decorating costs 
• House maintenance costs 

So on top of your monthly mortgage, you’ll have a vast amount of extra expenses. If you’re buying a home for the first time, it’s best to shop within your comfortable range rather than stretching for the best. 

Being Complacent About Your Credit Score

Getting a mortgage approved isn’t just about how much cash you can scrape together; the bank needs to evaluate your risk level for the next 20 years of repayments. 

You can be sure that your bank will do a deep dive into your spending habits, borrowing history, and savings. 

So, get ahead early and start improving your credit score. It can take some time for your score to improve, so try to allow yourself around 6-12 months. 

Trying to Do It All Yourself

Finally, if you ever heard that buying a house is one of the most stressful life events, that was said for a reason. You’ve never seen a ‘to do’ list quite as long as someone who’s moving. 

However, you can change the experience by hiring some additional help. These professionals are trained to get the job done correctly, promptly, and efficiently. 

From the end-of-lease cleaning to having a top real estate agent, you’ll appreciate some extra help during your buying and moving process. 

Avoid These First Time Home Buyer Mistakes

That’s a whistlestop tour to the most common first time home buyer mistakes. If you want your house purchase to be successful, you need to avidly avoid making these mistakes.

Instead, get planning, budgeting, saving, and call a real estate agent to help you out! 

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