Buying your first home is generally an exciting experience. That’s because you are most likely making the most important financial transaction in your lifetime. This is the point where you will move from being a renter to being a homeowner. Nevertheless, though this is something worth celebrating, you also need to do some research. You definitely don’t want to make costly mistakes during the home buying process. That’s why you should learn these 5 mistakes made by first time home buyers.

1. Taking a Risky Loan

Lenders provide mortgage products for different situations and different borrowers. So, before you take out a home buying loan, talk to the loan officer about different loan products. Taking time to learn about different home loans will enhance your chances of getting an ideal loan for you.

2. Not Visiting the Home Severally

It’s okay to bid on the first property that you come across. Nevertheless, it’s important that you visit the property severally before you submit an offer. If you meet a motivated seller that really wants to sell, they may rush you and even try to compel you into making a decision hurriedly. In that case, remember that if you sign home closing papers, you may not turn back. Therefore, visit the property severally before making the buying decision and signing the closing papers.

3. Skipping Home Inspection

Home inspection is very important when purchasing a property. A seller may rush the sale process and even discourage you from scheduling a home inspection. Nevertheless, when you skip a home inspection you take an extraordinary risk. That’s because the property might have serious problems with the plumbing, electrical wiring, the foundation, or the roof. It’s only an inspection that will enable you to unearth such problems and discuss how the seller will fix them. Buying a home without an inspection means you will take financial responsibility for such problems after closing.

4. Limiting the Search

Research is very important when buying a home for the first time. Unfortunately, many first-time homebuyers have their hearts set on specific cities or neighborhoods. Regardless of what you look for in a home, it’s worth checking out different areas.

Additionally, shop around for home loans if you are using a mortgage to buy your first home. Talk to different lenders about their interest rates as well as closing costs. You can even get multiple quotes before you make your decision.

5. Not Engaging a Realtor

You might think that a realtor can’t help you when buying a home. But, before you disregard help from a realtor, it’s important to understand that real estate agents are professionals. They have the client’s interest at heart. Thus, they will advise you and answer questions that you may have before the purchase. As a buyer, a realtor will guide you, assist you with bid negotiation, countering an offer and even organizing the closing process.

First-time home buyers can find the home buying process nerve-racking and stressful. Generally, unexpected problems are likely to pop up during the process. Nevertheless, when you know these 5 mistakes made by first time home buyers, you can easily navigate the process and make more informed decisions.