4 Common Mistakes for First Time Buyers in Apopka Florida
As with most things in life, you learn from experience. When it's your first time buying a home, you are more likely to make these common mistakes. Learn from the mistakes of others and avoid these common mistakes by first time buyers in Apopka Florida your first time around!
Not Looking Past Aesthetics
We've all done it,... we walk into a poorly decorated home and hate it but walk into a well decorated home and love it. It could actually be the same home, yet we can have drastically different opinions based on the current owner's belongings. Unfortunately, or maybe fortunately, those belongings do not come with the sale! Learning to look past the furnishings is a valuable tool and allow you to see a home for its true value.
Not Separating Wants from Needs
Buying a home is exciting and we naturally want everything that we've ever dreamed of. Unfortunately, all of those things may not be possible given your price range and the communities you are considering. This is one of the common mistakes for first time buyers in Apopka Florida. It's important to separate your list into wants versus needs.
What features are an absolute must in your new home? Typically, you would need a certain number of bedrooms, a particular layout, or specific home features. What features would be great to have but are not critical? Could some things on your list be added later, once you own a home? Are they so rare that it might not be feasible to include in your criteria? By understanding what your true needs are, you will approach your home search a bit differently.
Not Submitting a Competitive Offer
A common first time buyer mistake in a hot market is starting off too low with an offer. It's understandable,...it's your first home and perhaps your first offer, ever. You don't want to look too eager or start too aggressive,...after all, you want to save money as a first time buyer. Unfortunately, in a hot market, this can be a big mistake.
Not submitting a competitive offer can cause you to lose out to other buyers. Given limited inventory, you may not find another home that suits you just as well. Or, it may take you a longer to buy as you lose out on home after home. By the time you realize that you need to be more competitive, home prices may have risen, resulting in you paying a lot more for a similar styled property.
Underestimating Funds Needed to Close
When you obtain a pre-approval, you may have asked your lender for an estimate of closing costs. This is great for budgeting purposes. What you may not have realized is that there are other expenses beyond closing costs, such as pre-paid expenses. For instance, most lenders take 3+ months of property taxes and insurance at closing. These funds are placed in an escrow account. Future tax and insurance bills are then paid from that account when they are due. Additionally, homeowner's insurance premiums are due a year up-front. It is important to ask your lender and real estate agent for an estimate and total funds needed to close your loan, and not just the items classified as "closing costs".
Common Mistakes for First Time Buyers in Apopka Florida
These are just a few examples of common mistakes for first time buyers in Apopka Florida. To avoid making these and other mistakes, it is important to work with a good buyer's agent. Your agent will provide valuable guidance and support during the home buying process. A home purchase is a huge decision and milestone. With the right information and guidance, you can make good home buying decisions.