Buying a home is a big deal and this is probably one of the biggest investment decisions you'll make in your life. The problem starts when first time home buyers get too emotional and forget the fact that a home is in fact an investment. Read on to find out about the typical mistakes first-time home buyers make putting them in a situation where they can barley make ends meet.
First Mistake: Home buyers are not decisive
To have a clear and realistic vision it is important that you are fully familiar with the entire home purchasing process. Next, make a list of things that are important for you. Typical needs include the number of bedrooms, number of bathrooms, back yard, school district, and proximity to public transportation. Once you make a list of all the thing you want in a house, and you have a set budget it is important not to stray from this vision because after things will become a lot more blurry and you will be faced with the next two mistakes.
Second Mistake: Forgetting that the home is in fact an investment
Many home buyers will start browsing for homes without a clear diea about their true wants, sure they will know what is important to them but as soon as the home search begins this vision quickly becomes a thing from the past. Unlike other investments such as bonds, stocks, and options a home is a real tangeable thing where you will be spending most of your days. Therefore, it is easy to start romanticizing and get swept away by the one of a kind firpleace, the cute library room, or the huge terrace. Although such items did not make the buyer's must have list now they have become the main focus for his interet in the home. The same home may have red flags such as water damage problems but now the buyer is wearing the rose-coloured glasses and this will not deter them.
Third Mistake: Losing control
As easy as it was for the first-time home buyer to put the rose coloured glasses on they are just as easily pursaded by others and as a result the home buyer starts to lose control of their decisions. Typically when one is buying a home everyone they know will be informed from their family members, mortgage brokers, to friends. It is useful to hear eveyones advice but you alone need to figure out what advice is reelvant to your situation. Also you should also know that ceritan opinions can be biased for example that of the mortgage broker, they may be selling you an idea just so you obtain a mortgage from them.

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