{"id":111,"date":"2017-09-15T21:36:15","date_gmt":"2017-09-15T21:36:15","guid":{"rendered":"https:\/\/medium.com\/@arthamoney\/first-time-home-buyer-7-traps-to-avoid-cbda14d7e349"},"modified":"2017-09-15T21:36:15","modified_gmt":"2017-09-15T21:36:15","slug":"first-time-home-buyer-7-traps-to-avoid","status":"publish","type":"post","link":"https:\/\/madrasrealty.com\/?p=111","title":{"rendered":"First Time Home Buyer \u2014 7 Traps to Avoid"},"content":{"rendered":"<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn-images-1.medium.com\/max\/800\/1*PwTE-copHlYyzaBi7s4cWg.jpeg\" alt=\"\"\/><\/figure><p class=\"wp-block-paragraph\">Buying your first home is likely the biggest investment you\u2019ve ever made, and of course you\u2019re excited to be taking your fist step towards home ownership. But navigating the property market can be tricky for the uninitiated. Avoid these all-too-common mistakes and you won\u2019t end up paying over the odds for a house that will only suit you in the short term.<\/p><h4 class=\"wp-block-heading\">Trap #1: Not Knowing How Much House You Can&nbsp;Afford<\/h4><p class=\"wp-block-paragraph\">This is the number one mistake of novice home buyers eager to attend their first viewing. Really, you shouldn\u2019t start looking until you know what you can afford. By law, banks are not allowed to lend you more than you can reasonably afford to pay and the magic number is 43\u200a\u2014\u200ameaning, you cannot take on a mortgage that raises your household borrowing, including your existing debts, to more than 43 percent of your income. So, ask your lender for a pre approval. Pre approval, as opposed to pre-qualification, is a process whereby the bank analyzes your income, expenses and debt load and comes up with an actual credit decision. Not only will you quickly know how much you can afford to buy, but sellers love buyers with the green light on their loan as it speeds up the sale.<\/p><h4 class=\"wp-block-heading\">Trap #2: Not Researching the Local&nbsp;Market<\/h4><p class=\"wp-block-paragraph\">The emphasis is on the word \u201clocal.\u201d Data is abundant on the Internet, but price trends and market statistics are often presented at a national or regional level. This is great for giving you a general view of where the market Is headed but property is a local commodity; so local, in fact, that one street may experience different price movement to another street in the same neighborhood. So, search the multiple listing service online or through an agent for comparable properties in your spedfic area. Take a walk around the neighborhood and see what you can get for your money. Be practical; some people get hooked on the emotional link to a particular neighborhood or community when in fad it doesn\u2019t give them the transport links or amenities they need.<\/p><h4 class=\"wp-block-heading\">Trap #3: Letting Your Heart Rule Your&nbsp;Head<\/h4><p class=\"wp-block-paragraph\">According to the National Association of Realtors \u201cProfile of Home Buyers and Sellers\u201d report, you\u2019ll probably live in your new home for around nine years- so make sire it will still suit your needs in the future. A tenth floor apartment with great view may impress you now, but it won\u2019t be so great when you\u2019re having to pull a buggy up several flights of stairs if you\u2019re buying as a couple, make sure you\u2019re both on the same page. Many deals fall through because one partner as a very different ten-year plan to the other partner.<\/p><h4 class=\"wp-block-heading\">Trap #4: Being Dazzled By the&nbsp;Decor<\/h4><p class=\"wp-block-paragraph\">Sellers have access to a wealth of home-staging information that teaches them how to sell a lifestyle as well as a home, but granite counter tops and state-of-the-art appliances don\u2019t make up for a small square footage or an awkward floor plan. Focus on the efficiency of the layout and the size of the rooms, and add the bling when you move in.<\/p><h4 class=\"wp-block-heading\">Trap #5: Skipping the Contingencies<\/h4><p class=\"wp-block-paragraph\">Many structural issues like a faulty roof or dodgy plumbing night not be apparent to the naked eye, so you need to make your offer contingent upon a satisfactory home inspection. Novice buyers often get caught up in bidding wars or multiple offers, particularly in a hot seller\u2019s market, and can feel pressurized to skip these contingencies, but it\u2019s not something you want to give up. A professional home Inspector will give you the heads up about a property\u2019s flaws and will explain which problems are easy to flx and which are problematic. A contingency lets you can back out of the deal of adjust your price accordingly.<\/p><h4 class=\"wp-block-heading\">Trap #7: Going It&nbsp;Alone<\/h4><p class=\"wp-block-paragraph\">Navigating the mortgage market, researching local properties, finding the right home and negotiating the right price is pretty tough for a first-time homebuyer\u200a\u2014\u200aand indecision costs. An exclusive buyer\u2019s agent\u200a\u2014\u200athe real estate professional who ads solely for the buyer in a home sale transaction\u200a\u2014\u200ais a valuable asset. She can help you find an affordable mortgage, crunch the numbers and provide all the due diligence you need to make an informed buying decision. Not only can the right agent save you money, but the process should be less stressful and take up less of your precious time, too.<\/p>","protected":false},"excerpt":{"rendered":"<p>Buying your first home is likely the biggest investment you\u2019ve ever made, and of course you\u2019re excited to be taking your fist step towards home ownership. But navigating the property market can be tricky for the uninitiated. Avoid these all-too-common mistakes and you won\u2019t end up paying over the odds for a house that will [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-111","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First Time Home Buyer \u2014 7 Traps to Avoid &#8212; OpenRealty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madrasrealty.com\/?p=111\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Time Home Buyer \u2014 7 Traps to Avoid &#8212; OpenRealty\" \/>\n<meta property=\"og:description\" content=\"Buying your first home is likely the biggest investment you\u2019ve ever made, and of course you\u2019re excited to be taking your fist step towards home ownership. 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