MSN Real Estate and SmartMoney.com compiled a list of the top 10 mistakes that first-time home buyers make, and it’s pretty spot on. My favorites include:
“1. Not knowing how much house you can afford.”
Talk to a lender before you start your home search and find out how much you can actually afford to spend on a house. Doing this ensures that you don’t waste time looking at homes that are out of your budget.
“2. Assuming foreclosures are great deals.”
I see a lot of first-time buyers looking at foreclosures because they tend to be cheaper than regular properties, but those homes are often left sitting unmaintained, which can cause problems. It is imperative to have an inspection done on a foreclosed home, but be aware that foreclosures are sold as-is. Decide how much you’re willing to spend on fixing problems identified in the inspection before you…
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