5 First Time Home Buyer Mistakes in Puyallup

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Buying a home is an exciting and thorough process, so it’s important as a first time home buyer that you are aware of common mistakes made by other first time home buyers. Check out these 8 first time home buyer mistakes in Puyallup and how they can be avoided.

5 First Time Home Buyer Mistakes in Puyallup

Falling in a love with a house

This is one of the most common first time home buyer mistakes that can lead to financial burden or major disappointment. When you are looking at homes, it’s good to keep track of the ones you really like (and don’t like) and note what you like or don’t like about them. If, at the moment you see your “dream home” you become blinded to all other homes you still are planning to tour, all of the other homes will not make a very strong impression. If you don’t end up buying your “dream home” you may feel major disappointment or even buyer’s remorse.

Skipping the home inspection

The best way to avoid nightmare fixes later on is to gain peace of mind now. The average home inspection is under $500 and is a good way to evaluate what’s going on with your new home. If the home inspector finds a problem with the roof, you can talk with the home seller about it before your close on the home. If you skip out on the home inspection, you may have to pay hundreds to thousands later down the road. This is one of most avoidable first time home buyer mistakes in Puyallup.

Not considering home resale value

As a first time home buyer you may think that the home you’re moving into will be your forever house. I can assure you that you will most likely move one day. So it’s important to consider the home’s resale value. If the home you’re looking at was recently fully remodeled and seems to be the nicest house on the block, you likely won’t gain much equity on the home. Be thinking about how you can add value to the home to up the resale price later on.

Trusting a verbal agreement

Everything in the home buying process needs to be written down and signed to hold any weight. While it may feel like you’ve built a great relationship with the home seller and they will hold the house for you as you make a decision, without them signing a form, it’s just promise, not a legal agreement. So if you’re serious about anything during the home buying process, make sure you sign it and the other party signs it as well.

Not budgeting for monthly mortgage and maintenance

The biggest change that you’ll have to adjust to as a first time home buyer is that you now have a monthly mortgage and you’re in charge of all maintenance for the home. This is one of the most common first time home buyer mistakes in Puyallup since it’s such a change from renting. You’ll need to budget for a mortgage but also keep a few hundred dollars a month for maintenance in case of emergency. The last thing you want is to have to pay a professional to come out since your washer/dryer leaked and you don’t have the funds saved up.

You might also like: Budgeting Tips for Home Buyers in Pierce County.

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