Everyone in Windsor Real Estate is a first time buyer at some point. It is a common occurrence that new buyers get so caught up in the experience, that mistakes can happen. As a Windsor real estate agent, I am here to help you avoid these problems and proceed with a stress-free home buying experience.
If you find yourself buying a home for the first time, here are some mistakes that we see too often in New Windsor real estate:
1. Not Getting Your Finances in Order: Many buyers are not prepared to buy their first home simply because they have no idea what they can afford, they have not prepared for a down payment nor have any idea what their credit score is. To avoid this, put all of your monthly bills down on paper then find out what you can afford. Find an online Mortgage Calculator that can assist you with this.
2. No Budget: Visit a mortgage broker to get pre-approved for a loan. Once you have this valuable information, you are halfway into the door of your new home. By securing this, you can have a head start over your competition.
3. Lowering Your Credit Score Prior to Closing: Do not make major purchases on your credit card before closing. Forget about buying appliances, a car or any other big-ticket item as this can cause your credit score to drop and your lenders will see this. All lenders do a final credit check before closing. Keep yours clean.
4. Not Insisting on A Home Inspection: Don’t let your emotions get in the way of a thorough home inspection. Yes, you love your Windsor real estate, but you never want to end up purchasing a home that has major problems. The last thing anyone needs is to buy a home in drastic need of repairs, which could drain your savings and create stress no one needs or wants.
5. Not Including Contingencies in Your Contract: Problems can happen unexpectedly and without warning. Include in your contract that should the appraisal come in lower, or home inspection has major flaws, or if you cannot come up with funding (but remember, you have that pre approved loan right?) that you can opt out of the home purchase without penalty.
6. Not Working with a Reputable Windsor Real Estate agent: Find someone who knows the area and the market. Ask for recommendations from your co-workers and friends and do some research. I would be happy to further discuss how my team of professionals can help you find your first home with little or no hassle.