First-Time Home Buyer Mistakes - Tips for Buying a House

Ten first-time home buyer mistakes. Watch this video before buying a home. Great Home Buying Tips. The common mistakes many first-time homebuyers make & how to avoid them. How to buy a house.

Utah Realtor: Ty Wilde
801-995-2337
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The #1 mistake most first-time homebuyers make is not talking to a lender before looking at homes. Before you do anything, talk to a local lender & get preapproved.
The 2nd mistake many first-time homebuyers make is that they don’t take the time to create a checklist of what they need vs. what they want. Take some time to really think about this. If you’re buying a house with a significant other, talk about it. Most likely you’ll disagree on some things & that’s ok. As you start your search, please understand that there’s a 99.9% chance you will not find the exact house you’re looking for. You will NOT find your dream home & there’s no such thing as a perfect home. Every home you see will have some issues. It’s up to you to decided which ones you can live with.
#3 Don’t get too excited & rush into a decision. Often in hot markets, people panic buy especially if they’ve recently missed out on a home, but you never want to put an offer in on a home that you’re not ready to buy. If you’re in a market where homes are selling fast, make sure you know what you want & be ready to submit an offer quickly when the right home comes available to give yourself the best chance of getting that home.
#4 Don’t Remove your conditions just to get the house? Often in the excitement of the moment with the worry of losing the home to another buyer, people will remove the financing & home inspection conditions to entice the seller to accept their offer. These are both important components of the contract to protect you and your earnest money. Don’t remove them.
#5 Not getting a home inspection – A home inspector may find things that need to be addressed before your due diligence deadline. These may be things like; Mold, Asbestos, Radon, & Meth. A home inspection may also expose items that need to be repaired or replaced & a inspection will reveal the remaining life of roof, HVAC system, water heater & etc., protecting you from the unexpected cost of repairs. Home inspections only cost a few hundred dollars, but they can easily save you thousands not to mention protect you from the potential health hazards mentioned above. With all these potential issues & problems, it’s surprising that more people don’t consider building a home which leads to item
#6 Many first-time home buyers never consider building or buying a brand-new home. Often, a brand-new home can be less expensive than an existing home. I won’t get into the details in this video because I’ve already gone over this in depth in a video that compares Building vs. buying existing. Here's the link...
#7 Hire your own a real estate agent. In most situations, the seller pays both agents. Per the contract they signed with the listing agent, this usually isn’t negotiable so they really can’t give you a better deal if you don’t bring an agent. What are the advantages to having your own agent? Well, first off, they should save you time & money. It’s also nice to have a second pair of eyes as you walk through the home. This is probably going to be the largest transaction of your life so you want someone that’s looking out for you.
#9 Many first-time homebuyers forget to figure in closing cost.
#10 Having an accepted contract doesn’t mean the home is yours. Many start celebrating when the offer is accepted. I’ve seen loads of homes fall out of contract for a number of different reasons. The process from accepted offer to closing can take longer than expected & it’s sometimes ugly. So, don’t celebrate early & you may not want to post to social media until you hear the words, “Funded & recorded”! At that point, you‘ll receive keys & the home is yours.

WHAT YOU NEED TO KNOW BEFORE YOU BUY A HOME

Ty Wilde is Utah's best real estate agent on YouTube with dozens of videos related to real estate. Ty is Utah's best Realtor on YouTube for New home construction videos. Ty has some of the Best Videos on buying a home, selling a home and Real Estate investing. Subscribe to Ty’s channel for the best real estate videos on YouTube.

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[Doctorbubba]

As a service member you were really cut and to the point. Thanks.

[annkoehler]

This was a wonderful video, thank you Ty! Question: Do I get a realtor when going with a custom home builder, or is that a waste of money? If I DO go with a realtor, I would assume that I would be the one to pay the cost.

[akila]

what if there’s like a somekind of a lottery system on a builder which they call your name in a chronological way during a phase release then your name didn’t get picked and the homes are either taken or everybody defers of some of the homes.