Describing your first home as an important purchase would constitute a massive understatement. Considering what a large investment a home represents, it pays to exercise discernment and do your research when shopping around for the right house.

Unfortunately, many first-time homebuyers fail to get this memo and make a variety of consequential mistakes as a result. To help ensure that your first home purchase is a manageable, low-stress experience, take care to avoid the following missteps.

Forgoing Pre-Purchase Inspections

No matter how over the moon you are for a certain home, you should never forgo a pre-purchase inspection from a professional home inspector.

It doesn’t matter if you’ve done a detailed walkthrough or taken an in-depth virtual tour of the property – you aren’t a certified home inspector, and there are a number of problems that are likely to elude you.

So, regardless of how eager you are to close the deal on your first home, make a point of calling in a seasoned home inspector.

Certified home inspectors are able to identify a wide range of property issues, many of which are practically guaranteed to escape the gaze of non-professionals.

From electrical to plumbing to structural, there is an extensive assortment of problems home inspectors are trained to catch. Furthermore, as a buyer, you don’t have anything to lose by insisting that an inspection take place.

For one thing, an inspection may be a prerequisite for being able to purchase home insurance. Secondly, the results of the inspection may provide you with justification for requesting a reduction in the asking price.

That being the case, you should never allow a seller to talk you out of a pre-purchase inspection.

In fact, any seller who tries should be regarded with suspicion. After all, if there are no hidden issues with the property, why wouldn’t they be amenable to an inspection?

Failing to Properly Research the Property’s Location

Since homes are best viewed as long-term investments, it stands to reason that you’d want your first home to maintain its value. However, depending on its location, this may be easier said than done.

Homes that are located in areas with waning demand for housing, shrinking populations, poor local economies, and high crime rates are more likely to decrease in value than become more valuable.

This is why it’s important to research the location of any home you’re interested in purchasing. Understanding the area will help you determine how likely the property is to maintain its value, thus ensuring that you’re able to make an informed purchasing decision.

Old North State homebuyers on the hunt for a nice home in a favorable location would do well to explore Asheville, NC real estate.

Making the Lowest Possible Down Payment on Your Mortgage

It’s easy to see why so many first-time homebuyers opt to make the lowest possible down payments on their mortgage loans. Given the skyrocketing cost of living in the U.S., many of us are naturally inclined to spend as little money as possible on any given purchase.

However, while such frugality may serve you well in other areas, it won’t do you any favors when it comes to your mortgage.

The higher the down payment you’re willing to put forth, the lower your monthly payments are likely to be – and the less time it will take you to pay off your mortgage loan.

Furthermore, a willingness to make a large down payment can instill confidence in mortgage lenders, as it will show them that you’re financially responsible and serious about owning a home.

This isn’t to say you should completely drain your finances to make a large mortgage payment, but paying well above the minimum is strongly recommended.

If you never owned a home, finding the right house is liable to seem like an uphill battle.

Between locating a residence that’s uniquely suited to your needs and getting approved for a manageable mortgage loan, first-time homeowners certainly have their work cut out for them.

While there’s no way to completely take the stress out of the home buying process, there are a number of steps you can take to make the experience less daunting.

Anyone looking to get through the purchase of their first home with their patience and financial resources intact would do well to avoid the blunders outlined above.