Biggest Mistakes First-Time Homebuyers Make

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Biggest Mistakes First-Time Homebuyers Make

Like in most things that people do for the first time, it is almost inexorable for one to commit a handful of mistakes when purchasing one’s first home. That is why securing this big portion of Maslow’s Hierarchy of Needs requires careful and thorough preparation. So if you do not want to turn your dream into a financial disaster, you must craft that foolproof home-buying plan in order and mark the biggest pitfalls that should make your ‘Must Avoid’ list:

Biggest Mistakes First-Time Homebuyers Make

Not being informed enough

Although clichéd, the adage “knowledge is power” still holds true. You must learn as much as you can about the housing market in order for you to get a good transaction. Newlyweds are the most likely to make the dreaded awareness slip-up, as they are often the optimistic and excited ones to quickly seal a white-picket-fence deal.

Do not buy the very first house you see; be sure to have many options, consider the neighborhood, and develop both short- and long-term perspectives on your acquisition. You may also want to seek the help of agents or real estate companies like IPS Cambodia to guide you in making a good purchase.

Read: Expert Tips for First Time Home Sellers

Make a budget

Homeownership is not exactly cheap, but financial planning will make it so that it will not hurt your pocket so much. List everything: monthly wage, investments, and the detailed inventory of all your expenditures. Only when you know how much you spend will you also find out what you can and cannot afford. While you have the slices in your fiscal pie graph all taken care of, make sure to allow wiggle room for other incidentals.

Not considering additional expenses

Just because you have funds to acquire the house does not necessarily mean you can afford to live there, too. Do not be one of those first-time buyers that become complacent right after they have secured their dream home. Expenditures start exactly right after that—there are property taxes, insurance, maintenance, mortgage, and utilities to take into consideration. If you are starting a family, you might also want to dedicate a big chunk of your time (and budget, of course) into the massive changes that will occur when you start to have children.

Skipping home inspection

Too much excitement that comes with being a homeowner can result in this seemingly commonsensical but ironically very usual blunder: neglecting to inspect the house. Before closing on a sale, make sure that you know the physical condition of your dream home in order to avoid unexpected expenses in the form of emergency repairs.

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