The current real estate market may give two distinct views. Its either a great time to be buying real estate, because there are tremendous deals and bargins to be found out there in the marketplace. On the other hand, some may feel that because of the economic uncertainty, its a terrible time to jump into buying a home, especially if it may be your first home. If you are a first time buyer and have the ability to put down the down payment and qualify for a mortgage, this is surely a once every few decade chance to buy real estate. However, many first time buyers often make some mistakes during there first purchase.
Here are the top 10 tips from MSN Money that first time homebuyers make:
1. Not knowing what you can afford - Don't borrow more than you can afford
2. Skipping mortgage qualifications - Get pre qualified for a mortgage.
3. What about those additional expenses - Property taxes, Utilities.
4. Don't be to picky- To much of a wish list can be limiting.
5. Open your eyes and have vision - It may not look pretty now... vision goes a long way.
6. Don't be fooled by what you initally see - Control your emotions
7. Compromise - Be flexible for what you want
8. Don't pass on the home inspection - we can't agree more on this.
9. Have your own agent.
10. Not thinking about the future - What you want now may not be good for you later.
Dig deeper into these top mistakes by reading the MSN Money here.
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