Share:

Purchasing a home is an exciting but stressful undertaking. In this rush of emotion, many first-time homebuyers commit potentially costly mistakes. To help you avoid future frustration, the real estate attorneys at Pill & Pill, PLLC, in Martinsburg, West, Virginia, discuss three of the most common errors new homeowners make.

3 Mistakes Real Estate Attorneys Observe

1. Bypassing Preapproval

Getting preapproved for a loan before starting a home search gives prospective buyers a clear understanding of what they can realistically spend. Skipping this process may lead to serious financial problems down the road or result in getting your hopes up about a property, only to learn the bank will not authorize the loan.

2. Overlooking Additional Costsreal estate attorney

Home prices do not include all the expenses related to closing on a property or long-term costs like homeowners insurance and property taxes. First-time buyers are often unprepared for this and do not factor these expenses into their budget. Some other expenditures to consider are whether the home comes with appliances such as a refrigerator or washer and dryer. A real estate attorney or agent can help you assess the additional costs beyond your mortgage.

3. Unwillingness to Compromise

Buying a home is possibly the biggest financial transaction of your life, so it’s natural to have firm hopes and expectations about the outcome. However, first-time homebuyers rarely find everything they want in a property that falls within their budget. Failure to accept this and open oneself up to compromises will make the process unnecessarily frustrating. Make a clear list of what your home absolutely must have and some nice-to-have features that are more flexible. Also, remember you can make changes to suit your aesthetic or improve function and layout once the property is yours.

No matter what stage of the homebuying process you’re in, the real estate attorneys at Pill & Pill, PLLC, are ready to support you. Since 1977, they have been representing clients in Berkeley County, WV, with all aspects of real estate and property law. Call (304) 263-4971 or visit them online to set up an initial consultation today.

tracking