Avoid the Classic Mistakes of First Time Buyers

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There are a common set of mistakes made by first time home buyers. I wanted to give you some advice to avoid them when buying in Richmond.

The first thing to do is get pre-qualified for a loan. It's important because then you'll know what you can afford and what your payment will be. I also recommend dealing with a local lender; your real estate broker can recommend someone if you don't know of any. They should treat you fairly, get back to you quickly and meet closing dates.

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Use a qualified professional when inspecting your home.

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Secondly, don't fall blindly in love with a home because of decorations. Buyers can see well-staged homes and fall in love with the furnishings but overlook the practicality of the space. Keep in mind the expensive things like the age of the roof, water heater, and systems. See if the siding and windows are made with good materials.

I also see first time buyers get hesitant. They see a home and say they want to think about it. I tell people not to think about it because the person who saw it yesterday is thinking about putting in an offer today. If you like it, be prepared to act quickly. In this market, houses come off the market in a matter of days, and sometimes hours. 

Next, always use a qualified professional when inspecting your home. Bring in specialists for things like chimneys or radon inspections. A professional home inspection lasts three to four hours, so don't trust your cousin, Randy, to do it in 30 minutes (even if he built houses at one time). Professionals are there to help you and protect you from problems down the road. 

Another thing that gets overlooked is keeping resale value in mind. When you go to buy, you don't want to spend $300,000 and have the only $300,000 house in the neighborhood.

These are all important factors to keep in mind. If you have any questions for me at all, please don't hesitate to call or email me.