Buying a property, whether private or commercial, can be one of the single most important financial investment you’ll ever make in your lifetime. The anxiety and excitement that accompanies the prospect of buying our first home often make us susceptible to making mistakes and acting differently as we intend to.
However, this does not mean that mistakes should be accepted as a natural occurrence and merely shrugged off. To help you overcome the challenges commonly faced by homebuyers, we have identified five first-time homebuyer mistakes to avoid, so you do not lose your money when investing in the Ledyard CT real estate market.
1. Not doing your research
Before you go on and buy a house, it is good to do your homework first. Check out a variety of properties, consult realtors in Ledyard CT who hunt and look for properties, search the Internet and compare house prices.
Realistically assess the difficulties of getting credit or loan from a bank, then consider what mortgage products best fit your budget. It’s a mistake to assume that the buying process will go smoothly and then go into the real estate market blindly. Assess your situation and work your budget around it.
2. Avoid buying a home without first understanding the full cost of its ownership
Another mistake first-time home buyers commonly make when acquiring homes for sale Stonington CT is that they rush into buying a house without first understanding the full cost of its ownership. It is crucial to understand that as a homeowner, you’ll be responsible for additional monthly costs that arise, such as light, water, sewer, and garbage bills, etc.
You will also bear the cost of repair and maintenance, lawn care, property taxes, as well as homeowners insurance.
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3. Skipping a home inspection
Getting a home inspection is vital, not only to ensuring that you know the actual condition of the home, but also in helping you to avoid unnecessary home buying expenses. As a buyer, not getting a home inspection makes you responsible for issues that are not immediately visible, since there’s no way you would be aware of possible future repair or replacement scenarios.
As a result, the seller gets to transfer ownership of the house “as is,” making it impossible for you to make requests for additional repairs. There are many realtors in Mystic CT that can help you with your home inspection to make sure that you are buying the right property.
4. Not putting your agreement in writing
The sudden rush of emotions that we feel when purchasing our first home almost makes us forget to take note of the little details, and sometimes even concerns or put agreements in writing.
When buying your first home, carefully go through your contract and see if there’s a missing item. Ask questions where you are not clear and have your agreements put in writing.
5. Not getting professional help
The real estate market can be tough to navigate and maneuver for first-time homebuyers. To do so successfully, you will need professional help from a reputable realtor Ledyard CT. You’ll also need a good loan officer/broker, and even a lawyer. Going it alone is never a good idea since you don’t know who are dealing with.
Company Name: Greg Broadbent Real Estate
Contact Person: Greg Broadbent
Email: Send Email
Address:27 Coogan Blvd #1b
Country: United States