Don't Make These Costly Mistakes Buying Your First Home

Buying your first home can be confusing. There's so many choices to make and different things to consider that might not have even crossed your mind. In this post, I've compiled a list of costly mistakes you should avoid while buying your first home.

1. Not Being Pre-Approved

By not being pre-approved before going to look at homes, you could miss out on the perfect home for you and your family because you don't have that golden ticket to be able to submit an offer on a home that could receive multiple offers. If you're too busy talking to a lender before you can submit an offer, you're going to lose it. Make sure you get pre-approved before going to look at homes.

2.  Only Sticking with One Lender

Another costly mistake to avoid is only sticking with one lender and not getting different options. What I have found is mostly in South Dakota, we offer so many amazing first-time homebuyer loans, and if you're not using a lender who is qualified for those programs you are leaving so much free money on the table. When submitting an offer or looking at properties, you're going to want to factor in all the costs of home ownership. If you're preapproved and comfortable with spending $300,000, make sure you're looking at homes that have the HOA and that you're calculating them into your monthly payment. The HOA could put you over your budget, so make sure you are adding that in. Also, with new construction, your insurance and utilities could be cheaper, whereas an older home that might be less expensive, could actually be more expensive in the long run due to utilities and maintenance costs.

3. Work With a Knowledgable Realtor

Making sure that you're working with a knowledgeable realtor is incredibly important in the home-buying process. Knowing that your realtor knows your market and has opportunities outside of what's currently listed on the MLS, can help you make the best offer for yourself and can save you a lot of money in the long run.

4. Don't Skip Your Home Inspection

Finally, after you're under contract, don't skip your home inspection. Your home inspection offers you so much information on your property. It can help give you a checklist of items that you need to pay attention to for the next 5-10 years of home ownership. 

This process can be confusing, but our team here at Discovery wants to make the process as easy as possible. We'd love to help you in your home-buying journey, so please reach out to us with any questions.