3 Mistakes First-Time Home Buyers Must Avoid

Dated: August 22 2022

Views: 72

3 Mistakes First-Time Home Buyers Must Avoid

Buying your first home is an exciting time. You'll need to organize your finances, find your ideal neighborhood, and most importantly, get out there and view a bunch of homes to find the right one. But what happens after you close on your dream home? 

When it comes to feathering your nest, you'll want to get it right the first time. From costly renovations and repairs to miscalculated budgets, there are a lot of things that can go wrong for first-time home buyers. In this article, we're sharing (and helping you avoid!) five common mistakes first-time home buyers make. 

Buying All New Furniture

When buying a new house, many first-time homeowners are tempted to start fresh with all new furniture and decor. While decorating and furnishing your new home can be exciting, purchasing all new furniture is costly and often unnecessary. In fact, if you decide to start buying furniture before you close on your home, it could even affect your mortgage — especially if you use credit to make a purchase. This is because your lender's mortgage decision is based on your debt-to-income ratio and credit score. Applying for credit can cause your credit score to drop slightly and increase your monthly debt payments. 

Rather than buying all new furniture, first-time home buyers should try repurposing what they have and take some time to get a feel for their new home's decor style. You may find that once in a different space; your "old" furniture feels brand new! 

Making Impulsive Updates

Unless you're fortunate to find your dream home precisely decorated to your taste the first time, your new house will likely require some updates. While making updates is often necessary, it's important not to make the decision on a whim. Spending a couple of months in your new home can help you determine the best and most cost-effective way to complete needed updates without breaking the bank. 

Creating a budget and researching potential solutions can help ensure any updates you make to your new home are thoughtful and affordable. You should also find several different quotes for any work you're considering. This can help you avoid running into trouble with unrealistically low quotes. As well as shopping around, it's also essential to avoid "over-improving" your home. Over-improving a home can lead to making updates that are not reflective of the local market value. This can cause you to lose the money you've invested or create issues with appraisal if you decide to sell at a later date. If you're unsure about local market value and cost-effective updates, ask a local realtor for advice. 

Painting the Exterior of Your New Home

If your new home needs an exterior update, you might be tempted to find inspiration online and start painting as soon as you close. However, painting a home's exterior is more complicated than simply choosing a color. In fact, if your home is located in an HOA, you may not even get to choose the color! Certain HOAs have rules and bylaws that only allow specific exterior colors, while others require written approval from the HOA before painting begins. To save yourself wasted money and time, it's essential to check with your HOA before updating the exterior of your home. 

If your home isn't located in an HOA, it's still prudent to check and double-check the paint color to ensure it's what you want. Many colors look very different in natural light outside compared to indoors. If you're not sure what color to go for, seek advice from a professional to help you make the decision!

If you're buying your first home in Brevard County, our experienced real estate agents would love to help. Buying a home is one of the most significant investments you'll make in your lifetime, so it's essential to have a good agent on your side who can help you navigate the process. Click here to speak to one of Realty World Curri Properties realtors today. 

Latest Blog Posts

5 Remodeling Ideas to Boost Your Home's Value

If you're considering selling your Brevard County home, you likely want to ensure that you maximize your sales price and potential profit. If you've recently had your home valued and the estimated

Read More

Rising Interest Rates: What This Means for Sellers in Brevard County

A combination of historically low-interest rates and high buyer demand has seen Brevard County experience an unprecedented seller's market over the past couple of years. However, with the Federal

Read More

​​Rising Interest Rates: What It Means for Buyers in Brevard County

Inflation is a trend we can't escape. It's everywhere, from the prices in the grocery store to the interest rates of mortgages. The interest rate has been historically low for years now, but as it

Read More

3 Mistakes First-Time Home Buyers Must Avoid

Buying your first home is an exciting time. You'll need to organize your finances, find your ideal neighborhood, and most importantly, get out there and view a bunch of homes to find the right one.

Read More