When you have decided that you're going to buy a new house, it can be an exciting time. However, buying a home can be more of a challenge than you may expect. There are a number of things you may not know about, and it can be easy to make mistakes that can delay the home buying process. Here are three pitfalls to beware of when buying a house for the first time.
Not Using a Buyer's Agent
You may drive around a neighborhood, see a few houses you're interested in, and decide to call the real estate agents listed on the "for sale" signs. However, it's important that you realize that those listing agents work for the seller. Their first responsibility is to the seller of that home, so your interests aren't necessarily protected.
Instead, enlist the help of a buyer's agent or realtor. Your agent can look for houses that have the features you want, help you with paperwork and give you general advice. An experienced agent can be a great partner as you go through this process.
Not Getting Pre-Approved for a Mortgage First
If you're like many first time homebuyers, your current focus may be the house itself. Your thoughts may be consumed with how many bedrooms a house has, or how much closet space it has. Right now, you may not be thinking about the mortgage you'll eventually have to pay.
However, considering the mortgage at this stage is a smart idea; if you get pre-approved for a mortgage loan, you don't have to worry that when you find the house of your dreams, no one will lend you the money for it. Before looking at homes, get a lender who will pre-approve you for a mortgage. That way, you can avoid looking at houses that cost more than you are approved for.
Not Finding Out Enough about the Neighborhood
It's one thing to see a neighborhood when you attend an open house, but it is crucial that you know as much as you can about a neighborhood before you buy a home there and regret it. Your real estate agent can give you some basic information about a neighborhood, but there are other things you need to do to find out more for yourself.
For instance, you can pick up the local newspaper to get a feel for the local politics, and you can find out about what kinds of social activities there are and what kinds of crimes occur. You can also check with the local police to discover how safe a particular neighborhood is.
When you avoid the pitfalls discussed in this article, buying a house can be an easier experience. Work closely with a realtor, such as Brian Adamski, REALTOR®, and you will soon be in a home of your own.