When you are a first-time home buyer it can be both stressful and exciting at the same time. This can be a life-changing event that has many bridges to cross and decisions to make. Having a lender and sales agent help you through the process is a must. Here are four things to avoid when you are buying your first home. 
1. Not Planning for the Future
First-time homebuyers are so excited and energetic to find the perfect home, however a cute little home that might fit you perfectly now but what about the future? You will want to think ahead to the future when your family might be a little bigger and you need a larger home. Another example is a detached garage. You might think it is okay now but in the winter weather, it can be a big hassle.
2. Not Knowing What a Home Inspection Covers
If you are using a real estate agent, they will tell you how important it is to have a home inspection done. You want to make sure you are on the same page with your home inspector on what is included in the home inspection. Different inspectors and different companies will include different things on their inspections. Ask your inspector if they will check for mold, pest infestations, or radan and if they check the attic and crawlspace.
3. Not Getting Enough Homeowners Insurance
Homeowner’s insurance must be purchased on your new home before closing. You do not want to settle for the first policy you find. Shop around for the best coverage for the best price. Your lender or sales agent should have insurance companies that they have worked with and can recommend. Note as a general rule, flood insurance is not covered under your homeowner’s policy. A separate policy for flood insurance must be purchased.
4. Not Working with an Independent Mortgage Broker
Your sales agent will more than likely recommend a mortgage broker that they themselves have a personal relationship with. A good thing to do is also shop around for an independent mortgage broker. An independent mortgage broker can shop around for you and find the best loan that fits your needs. They will also help you with each step of the process.
Remember it is normal to be overwhelmed by the home buying process, especially if this is your first time. Both an independent mortgage broker and a real estate agent can help you through the whole process from start to finish. You will be able to take a load off of your shoulders and enjoy the process.