5 Mistakes to Avoid As A First-Time Homebuyer

So, you’ve finally decided to buy a nest for yourself and your family. For a lot of people, this is one of the most adventurous and stressful purchases of their lifetime. It is easy to get overwhelmed with your own expectations from a new home and all the options that are available for you to choose from.

Are you looking to buy a house for the first time but don’t know where to start? Why not begin by learning about some of the common mistakes that newbie home buyers like you tend to make during this big purchase. We’ve compiled some valuable information for you to save you a ton of effort and money on your house investment. Check it out!

Rushing the decision

Buying a home is exciting and it is understandable if you and your family can’t wait to finalize your new abode. But rushing the process has never done anyone any good. You need to plan far enough ahead keeping in mind all the homeownership costs.

To accomplish this, it is advised that you map out your homebuying timeline at least 12-15 months in advance. This will give you enough time to pay down any debts and save for a sizable down payment.

Getting emotionally attached

For a better part of the world, purchasing a home is an imperative milestone. Your home is the place where you make lifelong memories, put down roots, and create space that you can call your own. So, it’s easy to get too emotionally attached to one of the largest investments that you are probably going to make in your life.

While this sounds reasonable, it can lead to you overpaying or stretching your budget too much. The only way to keep yourself from going down that path is to have a budget and stick to it. There no point in getting emotionally clamped to a house that is not yours just yet.

Cutting down on down payment

First-time home buyers are usually tempted to make a small down payment. That’s because it feels like a huge blow since all of this amount is due before you even move into your new place. Trimming your down payment may feel like you’re saving money at the moment, but it could easily end up costing you double down the line. The less money you put down, the less you will be paying in the form of interest, and the more you will have to borrow.Sounds intimidating, doesn’t it? Well, the only way to save some money here is to give your savings account enough time to grow before the big purchase. Doing this also helps lower your loan-to-value-ratio, which, in turn, helps you get better rates from lenders.

Awaiting a perfect roof

You don’t want your dream home to be anything less than perfect. After all, you are planning to live there for years and years. However, expecting to find a unicorn is a very common mistake that new home buyers make. It’s likely that you’re going to overlook perfectly good homes that are available at amazing prices in excellent locations. And you might also be narrowing your search too much which can’t be good anyway.

There are too many variables involved when you are looking for a home – types of windows, structural health, woodwork, square footage, etc. The hard truth is that it’s almost impossible to find an apartment that meets every single expectation of every person in your family. Broaden your search and try losing the pie in the sky thinking the next time you are out on your house hunt.

Giving up

You’ve been looking for a dwelling for months now, but haven’t found anything that complements your needs. Maybe you liked a house, but you were outbid by someone. Or maybe the houses on your good list are all out of your budget. You’re fed up with this search and you don’t see any light at the end of the tunnel. And then you make a subpar purchase in desperation.

This might sound ridiculous, but a large chunk of new home buyers does this. The emotional rollercoaster can get the better of you and your family, but making such a decision can become the cause of lifelong regret.

Have you been feeling this way? Why not just pause your search for a while? Or better still hire an agent who can do the hard work and show you great properties that might not even be on the market listings yet.

Final Take

Buying a house is not a standalone decision but a journey that you decide to pursue. While this path looks ridden with pitfalls, having the right roadmap can significantly smoothen the ride. Now that you’ve read up on our list of mistakes, you’re well-equipped to take the initial steps in your house search.

Are you out fishing for your new luxurious house in Bangalore? We have been in the real estate game for over 3 decades now and we are confident about what we have to offer. Give us a call, we might just have your dream home waiting for you at one of our luxury housing projects in Bangalore.