We are all guilty of buying things that later make us regret: a $200 electronic toothbrush, that floral designer coat, or odd-flavored candies and chips. But when it comes to buying a home, you can't just go and say "I hope I made a better choice!"
The home buying process is a much more complicated scenario than all those purchases plus a car you realize you can't afford combined. The steps can be overwhelming for first time buyers that you will find your real estate agent a heaven's sent.
Here are 5 rookie mistakes that you should be aware of according to Trulia:
Getting too emotionally attached
It's normal for home buyers, especially rookies, to get attached to a property that they "fell in love with". After all, it would be one of your biggest purchases. But according to Douglas Elliman of Million Dollar Listing Miami, you need to "relax and don't get too attached. There will always be another house if you lose one."
The key is to view several homes and allow yourself to "love" them all so you do not get too attached with one.
Finding the home yourself
Sorry, but your brilliant research skills may not cut it for you this time. Instead, have your agent vet homes for you; the agent may even find you a property that is not yet listed online. The agent should be able to supply you with specifications of the house like its actual location, accessibility, as well as the price per square foot; data you may not get if you do the scouting yourself.
Going directly to the listing agent
Unless you know the agent personally or have previously worked with them, do not go directly to the listing agent.
"Unless [the listing agent] is someone you have worked with or know personally and know they are an amazing agent, this is a big no-no," says Nazarian.
Assuming you have no rules to follow as a homeowner
Finally, you are getting out of your landlord's nose or your parents' basement. While owning a home screams freedom, you need to know that deeds may come with restrictions and conditions.
"Get copies of the restrictions, read them, and 'look under the hood' at the internal health of the condo or homeowners' association," says Robert Tankel of the Tankel Law Group.
Not saving enough money
You have probably heard it before, but it's true that the down payment is just the tip of the iceberg. "Transitioning from a renter or your parents' home to your own home has incidental costs that may be overlooked," says Aisha Thomas, of The Thomas Agency.
Think: three-month reserve mortgage payment, closing cost, property taxes, plus household essentials that you never owned before and will definitely need now.
