5 Common Mistakes First-Time Buyers Make
As a first-time homebuyer, there are many things you will need to do when buying a home at the Lake of the Ozarks. By hiring an experienced agent, you'll have a helping hand to handle the many tasks that are bound to arise. While there are things you definitely should do as a first-time buyer, there are several things you SHOULDN'T do as well! Keep in mind that no deal is final until it's done. Here are a few things you should NOT do while trying to buy your first home.
1. Don't Buy the First Home You Fall in Love With
Chances are, you'll be super eager to find a home and get the show on the road. You may walk into the first house on your list and get the warm and fuzzies and feel like this is the one. However, pulling the trigger without shopping all of your options could mean that you're setting yourself up to either pay a lot more than necessary or to find your real dream home shortly after buying. Take time to view all of your options and to be thorough and objective in your decision making. Don't cut corners just to expedite the process, and don't let your emotions get the best of you. All good things take time.
2. Don't Make Large Purchases
If you're buying your home via a mortgage you have to remember that your credit is what your home purchase rests on. Because of this, applying for a new credit card can be devastating to your home purchase. It's important to wait to apply for a new card until after you have the keys and everything is said and done. Another purchase that first-time buyers tend to make is the purchase of a new car or new furnishings to fill their new home. To avoid any of these types of purchases from negatively affecting your credit score before the loan process is finalized, its best to wait.
3. Don’t Change Jobs
Chances are pretty likely that you'll need to apply for a mortgage for the purchase of your home. Remember that banks and mortgage lenders are wary of issuing loans to borrowers in unstable circumstances. Consistency in job and salary is an important factor when it comes to loan approval. Abstain from a job change until the home is in your name and the keys are in your pocket, unless it is absolutely unavoidable.
4. Don't Forget to Budget for Closing Costs
As the home buyer, you will more than likely have some out of pocket closing costs that you'll need to cover at the closing table. Your mortgage lender should give you a good faith estimate report of your closing costs prior to your scheduled closing date. Another thing to think about in advance is the other expenses of owning a home, such as monthly utility expenses, any potential HOA fees, property taxes, maintenance upkeep, etc. Planning your budget and factoring in these costs can help you really hone in on the expected monthly expenses before buying. This will prevent you from any unexpected financial surprises.
5. Don’t Do Things Alone
Agents are here to help. If you have decided to work in conjunction with an agent, keep in mind your agent's job is to make your life easier by ensuring things go smoothly and that closing is completed. Good agents stay on top of things and keep track of the details of the day, involving the seller, the buyer, the lender and or the seller’s agent. Do not hesitate to ask your agent for help. After all, that's what we're here for.
Buying Real Estate at the Lake of the Ozarks
Whether you're buying a first home, vacation home, condo, or luxury Lake home - we can help. As a first-time buyer, you want to be able to count on your agent to help you find the best home for you based off of your lifestyle, income, and more. We can do that. Visit our website to learn more about how we can help, as well as see what homes are available in the Lake of the Ozarks area!
1. Don't Buy the First Home You Fall in Love With
Chances are, you'll be super eager to find a home and get the show on the road. You may walk into the first house on your list and get the warm and fuzzies and feel like this is the one. However, pulling the trigger without shopping all of your options could mean that you're setting yourself up to either pay a lot more than necessary or to find your real dream home shortly after buying. Take time to view all of your options and to be thorough and objective in your decision making. Don't cut corners just to expedite the process, and don't let your emotions get the best of you. All good things take time.
2. Don't Make Large Purchases
If you're buying your home via a mortgage you have to remember that your credit is what your home purchase rests on. Because of this, applying for a new credit card can be devastating to your home purchase. It's important to wait to apply for a new card until after you have the keys and everything is said and done. Another purchase that first-time buyers tend to make is the purchase of a new car or new furnishings to fill their new home. To avoid any of these types of purchases from negatively affecting your credit score before the loan process is finalized, its best to wait.
3. Don’t Change Jobs
Chances are pretty likely that you'll need to apply for a mortgage for the purchase of your home. Remember that banks and mortgage lenders are wary of issuing loans to borrowers in unstable circumstances. Consistency in job and salary is an important factor when it comes to loan approval. Abstain from a job change until the home is in your name and the keys are in your pocket, unless it is absolutely unavoidable.
4. Don't Forget to Budget for Closing Costs
As the home buyer, you will more than likely have some out of pocket closing costs that you'll need to cover at the closing table. Your mortgage lender should give you a good faith estimate report of your closing costs prior to your scheduled closing date. Another thing to think about in advance is the other expenses of owning a home, such as monthly utility expenses, any potential HOA fees, property taxes, maintenance upkeep, etc. Planning your budget and factoring in these costs can help you really hone in on the expected monthly expenses before buying. This will prevent you from any unexpected financial surprises.
5. Don’t Do Things Alone
Agents are here to help. If you have decided to work in conjunction with an agent, keep in mind your agent's job is to make your life easier by ensuring things go smoothly and that closing is completed. Good agents stay on top of things and keep track of the details of the day, involving the seller, the buyer, the lender and or the seller’s agent. Do not hesitate to ask your agent for help. After all, that's what we're here for.
Buying Real Estate at the Lake of the Ozarks
Whether you're buying a first home, vacation home, condo, or luxury Lake home - we can help. As a first-time buyer, you want to be able to count on your agent to help you find the best home for you based off of your lifestyle, income, and more. We can do that. Visit our website to learn more about how we can help, as well as see what homes are available in the Lake of the Ozarks area!
Keller Williams Lake of the Ozarks Realty
858 Hwy 42
Osage Beach, MO 65065
573-286-5907 Cell
573-348-9898 Office
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