Buying a home is a major investment, one that can impact almost every area of your life. Unfortunately, many buyers aren’t adequately prepared for the complexities of the process, especially those who are purchasing real estate for the first time. Whether you’re buying your first home or your tenth investment property, the real estate agents at The Tocco Group in New York recommend being on the lookout for the following mistakes.
5 Common Mistakes Homebuyers Make
1. Not Getting Enough Financial Information
Before looking at your first home for sale, take the time to analyze your financial situation, including all outstanding debts and future sources of income. Many hopeful house hunters just jump into the market, only to find that their finances need more work than they thought.
2. Not Researching a Neighborhood
Almost any property can be improved upon, but there isn’t much you can do about the quality of the schools and other aspects of the neighborhood. Before falling in love with a house, make sure you get a feel for the area, look into the amenities, and check for any zoning issues that could affect your plans for the property.
3. Taking the First Mortgage Offer
Too many homeowners simply go to their regular bank, apply for a mortgage, and accept those terms without shopping around. Interest rates and other fees can vary wildly from one lender to the next, so compare financing from several sources before choosing a package.
4. Spending More Than You Can Afford
Just because a lender is willing to lend you a certain amount, that doesn’t mean you should take it. Keep your monthly budget in mind when shopping for a home, and avoid the temptation to spend the full amount you’re pre-qualified for.
5. Going Without a Real Estate Agent
Online search tools make shopping for a home seem easy, but without professional guidance, you’re likely to get overwhelmed. A good real estate agent will help narrow down your options and guide you toward properties you may not find on your own.
If you’re looking for your dream home in New York City, turn to the expert real estate agents at The Tocco Group. With a comprehensive suite of services and an unrivaled knowledge of every neighborhood, they’ll help you find the perfect property and even customize it to your needs. To get in touch and make an appointment, visit their website or call (212) 544-2995, and follow them on Facebook for more tips and advice.