Buying a home for the first time presents a wide array of emotional responses including excitement and a mixture of doubt and fear. While this process can be scary, seeing as it is a major life and capital intensive project, it can also be scary, and as such, there is the need to stay sharp and knowledgeable about the process to avoid making mistakes which can cost you a lot.

First time home buyers often make some mistakes which they may later come to regret. To avoid falling into the same trap, below are some of the mistakes identified by BG Home Solutions which first time home buyers make.

Buying a too Expensive Home

When making an investment such as getting a home, most first time home buyers think there is the need to go big and as such choose the biggest available property on the listing irrespective of their financial standing. When first time buyers choose homes that are too expensive for them, it places them on a tight financial leash and in turn sets them up for mortgage loan default and possible debts.

When choosing a home, it is important to speak to experienced realtors such as BG Home Solutions as you may run yourself into debt even when the paperwork of the property and loan indicates that you can afford the property.

Buying The Cheapest Home You Can Find

When choosing a home to buy, most first time homebuyers lose concentration on other factors but the price of the property. Placing too much value on the price of the home will most likely lead to a choice of the lowest priced property available. The major problem with choosing the lowest priced property however is in the fact that it may cost more on the long run in terms of repairs and replacement work.

Be sure that the home you are choosing meets the needs and requirements which you set out to look for as in most cases, homebuyers exceed or outgrow the homes quickly putting them at crossroads of moving again.

Not Hiring a Realtor

Most often than not, first time home buyers believe they have read all there is to read about buying a property and as such dive into the market without the guidance and advice of an experienced realtor. While this may work out for some, most often than not, others fall into dicey situations which leaves them regretting their decisions. It is important that you bring in board the services of an experienced realtor to handle the technical aspect of the home buying process. A realtor can also save you from paying for an over prized property thus saving you money. Not to mention the money you could be losing on closing costs if you haven’t done your homework. Learn more here.

Buying the House with Your Heart

When choosing a home, most first time homeowners make the mistake of paying for a property based on what they see and how well it appeals to their imaginations of a dream house. However, buying a home is more than what your heart wants as this is a long term capital intensive project and as such, there is the need to properly consider the pros and cons of each decision to be made. Look beyond the color match and into the integrity of the structure and quality of materials used. Have professionals evaluate the home before you commit yourself to a lifelong regret plan.

Not Shopping around for the Perfect Lender

Another problem first time home buyers face is the choice of a lender.  It is recommended that you apply for mortgage loan offers from at least three or four lenders in order to have options to compare the packages and rates offered.