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4 Common Mistakes that First-Time Homebuyers Make

Buying a home for the first time is an exciting time for many people. Not only are you about to start a significant chapter in your life, but you are also going to make a significant investment in property for the first time. With all the excitement of touring homes and visualizing yourself in a particular house, it can be all too easy to get caught up and overlook some key points.

Unfortunately, making some of the more common mistakes when purchasing your first home can result in some significant financial consequences down the line. Costly repairs can add up and be incredibly frustrating, especially if you come to find that they could have been avoided had you found out about pre-existing issues before you purchased a property. Check out 10 essential steps for buying your first investment property. This is a great list to look over before you make any type of commitment.

Here are three of the more common things that first-time homebuyers tend to overlook during the house-hunting process.

1. Faulty HVAC System

The heating, ventilation, and air condition system (HVAC) of the house you buy is one of the most critical components to the property. These are the pieces of equipment that work together to keep your home comfortable throughout all times of the year. When something goes amiss with the HVAC system in the home, the repairs can range in cost from a few hundred dollars to several thousand.

Even though there are options for financing an AC unit, it is far better to avoid such costly repairs in the first place if possible. Make sure that the person who conducts your home inspection gives you as much information as possible about the HVAC components in the house you are considering. If you have your heart set on a property that has issues, you might be able to negotiate a lower price as a result.

2. Poor Water Pressure

When touring a home as a potential buyer, many first-time homebuyers are not aware of a few simple things they can do to check on the quality of a home’s status. For instance, it might not occur to you to turn on the faucets in the bathrooms or flush the toilets to check the water pressure. If you do detect low water pressure when checking these things, it could very well be an indicator of a plumbing issue. 

Such an issue might consist of a clogged pipe somewhere, which can be a relatively simple fix for a plumber. However, it might very well indicate a leak in the plumbing which could cost a substantial amount to fix.

3. Not Landscaping While Your House Is Being Built

If you are lucky enough to be building your new home from scratch, consider your landscaping while the house is being built. While you don't need to have a front and backyard landscaping plan it does help to factor in any big plans such as a swimming pool and spa. This will allow your swimming pool builder to easily install your pool without having to navigate around your new home, fencing and landscaping.

4. Understand What You Can and Can’t Afford

As with all significant purchases in your life, before you even begin searching for a house, you need to set your budget. It is all good and well to entertain the thought of living in an extravagant home, but this mentality won’t get you very far in your actual search for your next home. Evaluate your finances and decide upon a realistic price point for yourself to avoid overpaying and getting yourself into a financial situation that you can’t actually handle.

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