Navigating the real estate market can be tricky, especially if you are a first-time buyer. As with anything you do for the first time, there are bound to be some mistakes, but luckily enough you can prevent most of them. Join us today, as we go over some of the most common first-time buyer mistakes and how you can avoid them!
Knowing Your Mortgage
For a first time buyer, whether you are right out of college or just looking for an upgrade, many just want to jump right in and start to look at houses, searching for the perfect one. But how can you know what will be a great fit for you if you don’t know how much you can pay? Not only that, but you may come across a home that you love, but a lender will not approve you for a loan of that much to pay for it. Knowing how much your loan will be will help you immensely in the home-searching process, as it will cross out homes that you simply cannot afford and put even more into your sights that you may have not thought of beforehand.
Planning for the Future
Alongside knowing how much of a loan you can be approved for, you are also going to need to factor in all the expenses of owning a home. Contrary to popular belief, it is not just the mortgage payment that you need to worry about, as there are other things that you must pay by law—property tax, utilities, mortgage insurance, title insurance, etc. Know right after you get a snapshot of your potential loan what your monthly overall costs are going to be, and then ask yourself this simple, yet difficult, question: Can I afford it? Giving yourself an honest answer now will save you insurmountable headaches in the future—trust us.
Looking for Help
Trudging through the real estate when you’re new to it can be real tricky, which is why it pays off to have as much professional help as you can get. It’s best to have too many people in your corner as opposed to too little, and American Dream Realty of South Jersey is the perfect place to start. With a staff of highly skilled and experienced agents, they can work with you to sail in and out of the process, helping you all the way through. Just pop on in at any time, and see what you staff can do for you.
Being a first-time buyer can be hard, but we make it more than bearable. Come on in today and have a chat with us about your plans for the future!