No matter how much time you spend on researching and educating yourself about your home purchase, it’s hard to cover every detail. Here are a few tips for avoiding rookie mistakes with your first home purchase.
Save as early as you can: Even if you think you’re years away from buying your first home, try to start saving for your down payment. It makes a huge difference in your monthly payments, and helps avoid paying Private Mortgage Insurance.
Be thorough with mortgage shopping: There are countless resources that can help you get the best terms for your mortgage. It may seem like a lot of work to shave less than a point off your mortgage rate, but it’ll save you thousands in the long run.
Be patient with getting settled: You’ll be anxious to make your new home your own, but take some time to see how your budget truly shakes out. In other words, hold off on big furniture purchases and remodeling projects until you've gotten used to your new expenses.
Make sure you’re happy with the neighborhood: The house may be perfect, but don’t discount the surroundings. Spend time in the neighborhoods you are house hunting in. Go at various times of the day and experience life as you want to life in your new home and see if the neighborhoods you are considering meet your wants and needs.