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5 Common Mistakes First-Time Homebuyers Make

Costly First-Time Home Buying Mistakes

By , 9:00 am on

Buying a new home for sale in Irvine can be both exciting and exhausting at once. The goal of these efforts is to secure a property that you love at a reasonable cost. Although this sounds simple enough, this is a very complex endeavor and one that is often fraught with obstacles and stumbling blocks. Following are common and very costly mistakes that every first-time buyer should avoid.

Failing to Set a Feasible Budget

Not knowing how much home you can actually afford is a major mistake and one that will likely affect your long-term success as a property owner. Many people fail to consider their full ownership costs when building their budgets and finalizing their purchasing decisions. Rather than looking solely at your down payment and the maximum amount that you can pay for your mortgage, take some time to list out the additional expenses that home ownership will entail. These include home insurance, maintenance and repair costs, full utilities, HOA dues and property taxes. Once these regular and ongoing expenses have been factored in, your spending abilities will probably look far different.

Skipping Inspections

You may be tempted to start calling yourself a property owner as soon as you go into escrow, but it is vital to have the home properly inspected before you finalize the deal. This is the surest way to avoid unexpected and costly repairs and to catch any issues that the seller has either overlooked or failed to disclose. It is vital to keep your emotions in check until you have a comprehensive and accurate understanding of the home’s true condition and value.

Not Accounting for Household Changes

Investing in a home that is just right for you and your family’s needs right now may not bode well in the future. It is far better to look for a flexible property that can accommodate modest amounts of growth and change as time wears on. This will limit your need to go house-hunting again within just a few short years. Consider the possibility of new family additions, whether these come in the form of a new baby or an aging relative who needs in-home care as well as any other possible lifestyle changes.

Having the Wrong Priorities and Failing to Compromise

In a city like Irvine with dozens of great neighborhoods to choose from, like Woodbridge, Turtle Ridge, and Great Park, location is everything. This is largely due to the fact that it is the single property feature that cannot be upgraded, remodeled, or otherwise changed. Most other aspects of a new home, however, will prove fairly flexible. Thus, if you haven’t been able to find something of interest or are preparing to spend far more than intended in order to get what you want, now is the time to start being more flexible. Your willingness to compromise on features that are possible to alter and your resolve to remain firm on those that are not will open up the door to a number of new and affordable possibilities, thereby allowing you to get more home for your money.

Skipping the Pre-Approval Process

No matter how good your credit may be, it is important to start the funding process as early as you possibly can. Funding is never guaranteed until your approved loan application is in the hands of an underwriter. Shopping for homes with a pre-approval certificate will provide sellers with the peace of mind they need to enter into agreements with you. Before you start viewing properties and making offers, start the funding process by first getting pre-qualified and then pre-approved.

Thinking of buying a house or condo for sale in Irvine? Work with the skilled real estate agents at Irvine Residential Living. Our expertise in Irvine neighborhoods helps us meet client needs and put them in their perfect dream home. To schedule an appointment or showing, give us a call at (714) 454-6304.

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