Posted by: Larry Stevens | May 10, 2010

5 First Time Home Buyer Costly Mistakes

Having an experienced, skilled Boise Idaho Realtor can help make all the difference in the kind of home buying experience you have.  A knowledgeable Realtor on your side, with your best interests in mind, can help you avoid serious pitfalls and mistakes that you might not even know about! Here are some quick first time home buyer tips to help you avoid some of the most basic mistakes:

Buying your first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:

1. Ignoring the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan. It may be financially more beneficial to rent for another year until you can take your credit score in hand.

2. Muddying the waters by shopping for other things before closing. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan. If you are looking into getting your first home it might be a bad time to buy that new ski-doo or car.

3. Scrimping on an inspection. Being surprised by the need for expensive repairs can be financially devastating. Getting a knowledgeable inspector can help save you thousands down the road.

4. Buying without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates. Always, always have a backup. You don’t want to be forced into buying a home with lots of problems if the inspection comes back with poorly.

5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise. It’s not a matter of IF it’s a matter of when: you will at some point or another almost certainly need insurance for your home and not having it can truly be financially devistating.

The best way to avoid home buying mistakes is to work with a qualified Realtor like Larry Stevens who knows the business of real estate in Idaho. AA Realtors has been helping people buy and sell their homes in Idaho for years and has the experience and knowledge to make your next move the RIGHT one!

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Responses

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