Money Talks News: Rookie home buyer mistakes

Money Talks News - Buying a home for the first time can be an intimidating experience, especially if you are not aware of some mistakes that can cost you a lot of money.

"We needed a place to live," said new home buyer Kendra Obrist. "So we looked at this house at night, with snow everywhere. It was an 1840's home. And we bought it, like on the spot. We bought it. We wrote a contract. No inspection and we moved in. And thank God nothing happened. But I wouldn't do that again."

Obrist got lucky. She made the big mistake of not having an inspection before she bought her home.

"They just fall in love with the emotion and they need to make sure they get an inspection too to make sure the home is in great shape," said real estate agent Howard Elfman.

Because buying your home may be the most expensive purchase of your life, it is important to avoid mistakes.

The first mistake is not getting financing up front. Unless you are paying cash, there is no reason to shop for a house until you have a firm commitment from a lender.

Secondly, make sure you have an experience and helpful agent.

"The agent can help determine what the value of the home is and make sure you see all the homes in the area that meet your criteria," Elfman said.

Third is not having someone thoroughly inspect the house.

Finally, have a back up plan. If a home doesn't appraise highly enough, the inspection reveals a big problem with the house or something else goes wrong, have a plan to make sure you get your deposit back.

Now may be a good time to buy a home. If you're going to get the best price, it's best you not make silly mistakes.

To find more information on how to avoid the mistakes, head to the Money Talks News website and search "Home Buying."

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