Nesbitt Realty helps first-time home-buyers realize their home-buying dreams.
Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:
1. Ignore the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
2. Make purchases on credit before settlement. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.
3. Scrimp on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
4. Buy without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.
5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.
Whether you are buying your first home, moving up to your dream home, or downsizing your home and your life after the kids have gone, purchasing a home in {Location_Name} carries considerable financial and psychological weight. For this reason, understanding the ground rules for success when buying a home is important.
When buying a home, making a wise decision can greatly enhance the overall value of the investment; however, making the wrong decision can have devastating and long lasting effects. Learning all you can about the world of of home buying and mortgages is necessary before you set out to purchase your dream home.
Plenty of web sites are available to help first time home buyers, but one-on-one learning is the best way to learn, and the Realtors here at Nesbitt Realty can provide you with that experience.
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For more information or to set up an appointment call Julie at (703)765-0300.
Julie Nesbitt is an ABR who has served buyers in some of Alexandria’s most exclusive neighborhoods. She is a top producing agent who has listed and sold property in Northern Virginia. In addition to helping folks buy, sell and rent property in Northern Virginia, Julie is the primary administrator of the property management services performed by Nesbitt Realty and Condo Alexandria. Call Julie at (703)765-0300.
