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Mistakes Made by First-Time Home Buyers

Ready to buy your first home? Great! You’re about to join millions of proud homeowners in the United States. Shopping for your home is an adventure in and of itself: all of the appointments, the time spent commuting, and planning all of the improvements you’ll make will make for a busy couple of months. You should be aware, though, that some people get caught up in the search, and make mistakes for which they must pay later. Avoiding some first-time home buyer mistakes is relatively easy – especially when you work with an experienced local real estate agent. Part of the job of a local real estate agent is to offer individualized guidance, and work within your budget. This includes cautioning you before you spend too much money on your home, or make a bad investment. Whether or not you go through your local real estate agent, take care of yourself and your financial future by being cautious, but decisive. 

Careless Credit

home for sale

Of all of the mistakes that you could make while searching for you first home, the first one could be years before you even begin looking. Mismanaging credit is one of the worst things that you could do for your financial future, no matter if you’re buying a home, a car, or renting a property. Your credit rating will affect the minimum down payment, your mortgage terms, interest, and ability to move into the home that you want. Before you dream of a new home, work on your credit. Set yourself up for good habits by paying your bills on-time, and conserving your spending. Teaching yourself to stay on a budget will be immensely helpful as you’re working your way to great credit. If you need help, whether it’s because of a stain on your credit, or simply not knowing where to start, contact a credit counselor. No matter where you are, there will be a service that is available to you to help you get back on track. If you’re having trouble finding someone, reach out to your local government for assistance in your search. 

Overspending on a New Home

Speaking of good budgeting, avoid spending too much money on your new home. This is one of the more common mistakes than you may realize – with the excitement of falling in love with a house, you may feel that getting all of the home that you can afford will make you happier. Comfortably affording your new home, however, doesn’t mean that you’ve spent every last cent that you can afford on your new home any more than it means that you’ve gone over your budget for a new home. The importance of staying at or under budget cannot be overstated: you’ll save yourself the stress of meeting a high-cost mortgage, worrying about other needs that the house may have, and minimizing the amount you’ll be able to save for retirement. 

The home with all of the details that you want will undoubtedly tempt you, but if you give into that temptation, you may quickly find yourself in over your head. If you don’t make your mortgage payments on-time, every time, you run the risk of putting your home into foreclosure. During foreclosure, your lender legally seizes possession of your home to compensate for missing mortgage payments, and applicable fees. While this isn’t the end of the line for you, foreclosure leaves a terrible, sometimes irreparable stain on your credit. Even if you’re able to resolve your credit issues, this will be a long, tedious experience that can easily be avoided. Making sure that you only buy as much home as you can comfortably afford is the best way to prevent ruining your credit.  

Draining Your Savings

Having good credit is a priority when you’re shopping for a new home, but just as you don’t want to overspend on your new home, you also don’t want to completely liquidate your savings. Ensuring that you have enough savings for the initial down payment for your new home, usually around 20% of the cost of the home, is essential, but that’s not all for which you will need to be prepared. The problem isn’t just that you’ll need your down payment, but you’ll also need to be prepared for changes that you may need to make to your new home. Home improvements are something that your typical potential homeowners fail to consider, and this can have some difficult consequences. Imagine finding a great home that’s a great fit, and discovering that the bathroom pipes need to be replaced. That job can easily run you several thousand dollars, and will need to be handled immediately to prevent mold or other water damage. 

Home improvements aren’t the only consideration for new home: remember that the process of buying your home costs money, too. Taxes, fees, commissions, service charges, insurance, and other services that you may need will impact your finances during the process. 

Ignoring Federal Loan Programs

There are a number of resources available to first-time home buyers. There are even programs to help you locate resources that can help you comfortably purchase a new home. For example, did you know that buying a home in a rural area may qualify you for a special type of loan? Did you know that the same is true if you’ve served in the armed forces? Even if you don’t meet these requirements, you may still be eligible for an FHA loan. Even if you’re able to find a lender that doesn’t need to offer these types of loans to their clientele, it is always best to consider them with all of your options. These loan programs, remember, are designed to assist consumers who are able to afford to buy a home, but are having difficulty getting financing. 

Only Reaching Out to One Lender

Assuming that interest from one lender guarantees a great loan is one of the more common mistakes made by first-time home buyers. While shopping for your new home, you should contact as many lenders as you can. Different lenders will inevitably have different options for you, and some may offer you some special incentives if you borrow from them. You’ll only know this if you do your due diligence, and shop around for a mortgage with the same scrutiny with which you shop for you home. Wherever you buy your home, it is imperative that you take your time, work with a professional, and keep your feet on the ground. 

Ricki Irwin
Ricki Irwin
00:06 24 May 19
This was so easy Casey was very helpful and kept in contact through the entire process thank you again for everything. Highly recommend this company.
Lela Leedham
Lela Leedham
03:08 22 Feb 19
Great experience working with Casey and Ryan. We would recommend them anytime. They are very knowledgeable and very professional.
Emily Binder
Emily Binder
21:16 18 Feb 19
Jennifer Gibbs
Jennifer Gibbs
19:58 18 Feb 19
A very impressive operation. Very professional and knowledgeable. They follow up when they say they will. Very helpful Team. If you're looking for a fast and fair cash offer on your home, these are the guys to call!
Mario Elizondo
Mario Elizondo
19:58 18 Feb 19
Very professional and a pleasure to work with.
Danny O'Bannon
Danny O'Bannon
19:53 18 Feb 19
I called 5 different companies from google trying to find a company that would pay the most for my rental and their offer was higher than the others. Extremely streamlined process. Easiest transaction I’ve done
Ross Greene
Ross Greene
18:04 17 Feb 19
Ryan & Casey were great to work with! Absolute pro's in the business. I would definitely recommend them. If only I could give them more than 5 stars. Hope to work with them again soon! Thanks guys!
Pam Dickerson
Pam Dickerson
23:53 15 Feb 19
Excellent customer service! Helped us through the entire process. Highly recommend!
steve Balsacker
steve Balsacker
19:35 14 Feb 19
Me and my wife had gone through a divorce and we wanted a quick way to get rid of our property so we could just move on with our lives, Thankfully Ryan came in and helped us out, I didn't have the time to deal with the headache of people coming in and out as well as all the repairs that were needed. He gave me top dollar for my home and I was out in 7 days!
jason almeida
jason almeida
16:52 14 Feb 19
We have seen their signs around town and thought it was a scam, we decided to give them a call and I couldn't have been happier with our experience. They were professional and knowledgable, they paid for all closing costs and even helped with our family move. Great guys and great company! Thanks again!
Peter Floratos
Peter Floratos
04:51 14 Feb 19
This team handles their business right. They are a pleasure to work with.
Tyler Hubbs
Tyler Hubbs
04:38 14 Feb 19
Ryan and Casey treated me with patience and respect during the whole transaction! Very trustworthy and explained each and every question I had!! I would highly recommend We Buy Any Vegas House!!
Dennis Ripley
Dennis Ripley
03:55 14 Feb 19
Very professional and very knowledgeable from start to finish. They went above and beyond to help me find what I was looking for. I would definitely recommend them.
Avraham Metal
Avraham Metal
01:58 14 Feb 19
As a Real Estate Agent I have sold properties to Casey and his Team. They are men of their word and have never let me down.
Dena Shapiro
Dena Shapiro
01:29 14 Feb 19
What an AWESOME experience!! Casey and Ryan are THE BOMB!! They either answer their phone ALWAYS or respond within minutes. They originally called to see if I wanted to sell but I wasn't interested in selling. However, my neighbor had to sell immediately so I referred them to her, she accepted their offer & they closed escrow within weeks. It would've been A LOT sooner but there were delaying issues on the seller side. Anyways, they got it closed & EVERYONE is happy!! Thank you so much Casey & Ryan :). YOU'RE THE BEST!!!
Ron Lorenzo Woods
Ron Lorenzo Woods
00:51 14 Feb 19
Great team with quick and professional service!
karina giraldo
karina giraldo
00:36 14 Feb 19
Knowledgeable, fair, and professional. I loved working with Casey. I did my research before selecting a company, and I’m so happy I went with them!
Cody Raynoha
Cody Raynoha
00:27 14 Feb 19
Casey runs a great company that's honest, easy to deal with, and is always fair. I'd absolutely work with him again!
Whitney Carter
Whitney Carter
21:42 08 Feb 19
Grateful to have worked with such a great company! Long story, short they really did help me through a tough time. No need to get into details, but this company really knows what they are doing. Thank you for all of your help with my home. Highly HIGHLY recommend!
Alan Giblin
Alan Giblin
23:01 07 Feb 19
I was shocked when I heard that We Buy Any Vegas House could sell my house so fast without any fees or charges at all. Thanks again guys!
Crosbey Proffitt
Crosbey Proffitt
22:48 07 Feb 19
I started off using a realtor thinking that I would be able to sell my home fast, but that wasn’t the case. I ended up reaching out to different companies and I ended up finding We Buy Any Vegas House. They were on it the second I reached out to them and were able to sell my home fast!
Investors
Investors
18:59 07 Feb 19
I have been in Real Estate for many years, it’s so refreshing to meet such professional, kind people to work with. We Buy Any Vegas House has great employees who are responsive and get things done quick. You can tell they have a true passion for what they do. If you are looking to work with a great team and you want to sell your house quick, I highly recommend this group!
Scott Henry
Scott Henry
18:53 07 Feb 19
We Buy Any Vegas House truly is one of the most reliable companies I have worked with. You can really tell that Casey and Ryan really care about what they do and really want to make you feel comfortable in the process. Thank you for all your guys help!
Ashlyn Mazur
Ashlyn Mazur
21:26 02 Nov 18
Most professional real estate company I've ever worked with! Would for sure recommend them!
Ashley Thompson
Ashley Thompson
18:59 02 Nov 18
I called 3 different companies and Casey was the most responsive. His offer was higher than the other ones as well. I really liked that they were a local company and everyone who helped me in the process was great to work with!
Katrine Baker
Katrine Baker
18:39 02 Nov 18
My mom and I had to move out of our house pretty quickly due to her martial differences. They were honest and extremely professional during the process and we are forever grateful to have worked with such a great company! Highly recommend!
Gregory Mitchell
Gregory Mitchell
00:26 01 Nov 18
Unfortunately, I never thought I would see myself having to get rid of my home, especially in a fast time frame. However, life happens, and I needed to sell my home quickly due to a death in the family. I reached out to 4 companies in Las Vegas, and We Buy Any Vegas House not only was the most efficient, but the friendliest, most reasonable, and compassionate. The other 3 companies did not even compare. Casey and Ryan have gone above and beyond to make sure that this worked for me. They truly care about you, which means a lot especially during a tough time. They put in the effort to care about the client first, as well as my family during this tough time. I am so grateful to have found them, and to top it off, they bought my house and put cash in my pocket in 7 days. Would recommend to all! Use this company, you can't go wrong! Thanks to Casey, Ryan and John!
Samantha Bonneville
Samantha Bonneville
00:23 01 Nov 18
We buy any houses is one of the most honest companies I have worked with. They are always upfront with issues of the houses, honest with fees And closings. We have not had a bad experience after 10+ Transactions
Alyssa Trent
Alyssa Trent
23:08 31 Oct 18
I worked with them to help my Mom sell her house and they were so amazing!! They explained to us exactly how everything worked step by step. I called them on a Monday and they got us cash by Thursday. Casey is such a genuine person.
Robert Johnson
Robert Johnson
22:10 31 Oct 18
After a tenant trashed my rental property, I was faced with the decision of remodeling or selling the property in its current state. I called Casey and he walked me through the entire process, start to finish. After factoring in the amount of time and money the remodel would take, it was clear that selling to them was the best decision for me. Within a week of my first contact with Casey and his team, we closed on the property and I had cash in hand. I'll definitely be reaching out to them in the future. THANKS!!!
Corey Trent
Corey Trent
02:33 31 Oct 18
I reached out to Casey and Ryan when I needed to sell my house. They were very professional and helped me through this tough time. They were able to buy my house and close fast. What a great team they are! I would recommend them to anyone. Thanks again!
John Washington
John Washington
02:24 31 Oct 18
As a very skeptical person I always believe that my best interest is not priority when dealing with people that want my business. I cannot name the countless times that I have been burned. After looking to sell my house for a cash offer, I was called by a lot of investors, most of which had very little customer service. Several didn't return call when they said they would and then when they finally called me back, they got anger when I decided not to use their Services. From day one Ryan not only treated me like is #1 customer but also treated my whole family like long time friends. I most also state that his offer wasn't even the highest. I took the lower off with him due to the fact that he help with crucial tax situations that I needed taken care before receiving them money so it wouldn't bit me in the butt later. He answered every call before and after the process was completed. 99% of others wouldn't have even answered a text once they got the money. Could I have made a couple of thousand dollars more with someone else? Sure, but the peace of mind in knowing that it was done the right way by someone who actually was professional and care was more than worth it. Ryan has made a customer and friend for life.
Green Girl
Green Girl
00:00 31 Oct 18
I was in a really tough spot because my Husband was in the Hospital and had passed away. I was completely unready for this and had discovered that there would be considerable expenses!  I had received several letters from companies interested in the property on an "as is" basis.  Most had never got back to me after I called them or were too low of offers.  I put an inquiry in their website and was immediately contacted by the Owner who was able to come the very next day!  The entire process was easy and professional.  Thank you We Buy Any Vegas House!
Mike
Mike
23:37 30 Oct 18
Casey and Ryan were so helpful! I was was a week from being Foreclosed and they were able to get me cash in my account in 5 days! And even let me rent back until I was able to find a new home!
Karl Workman
Karl Workman
21:03 30 Oct 18
This company was not only the most professional real estate company i've dealt with, but they're the most reliable and respond quicker than most companies i've ever dealt with. They were fast, professional, and knowledgable in all aspects of our deal. Would and plan to recommend them to all of my friends and family! 10/10.
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