The Biggest Mistakes First Time Home Buyers Make While Choosing Medford Properties

The Biggest Mistakes First Time Home Buyers Make While Choosing Medford Properties

Buying your first home in Medford is an important and very major event in your life. While some might feel confident in their ability to choose a property, it is important to do as much research as you can and to have knowledgeable help at every step of the way. It is easy to make a small mistake that can lead to something larger than you know how to handle, either financially or emotionally.

Here are some common mistakes made by first time homebuyers when looking at Medford properties;

Buying Without A Realtor / Employing An Inexperienced Real Estate Agent - It is very normal to think that you may be able to purchase a house on your own. You may balk at the price and think that you could save money if you just did it on your own or "hired" someone who was new to Medford real estate. Actually, the seller pays the realtor, not the buyer. There is nothing additional that you pay, in terms of realty fees or services. Having a realtor who is experienced and knowledgeable is your best tool when hunting for properties in Medford. There is a code of ethics, which holds realtors- not real estate agents- accountable to higher real estate standards. It also holds the realtor accountable if ever there were problems or legal issues. So, take the time to find a realtor who has the overall wisdom and experience to get the job done right.

Impulse or Emotional Buying - This is when a buyer purchases a property based upon their emotional "feel" of it. For example, you walk into the living room of a prospective house. The moment you do, you immediately feel a sense of dj vu. You think that it is a sign and that you must buy this house. Many first time property buyers in Medford have done this. Be careful! Think about the condition and age of all properties before you "feel" anything.

Purchasing and Financing - This is a major issue with first time homebuyers in Medford. Check interest rates first. Ask whether the rates are fixed or variable, as this influences long term payments and amortization. Do not be fooled by great deals, as they often lead to higher interest rates and unattainable monthly payments.

Negotiating the Sale - Be certain to decide upon a price. Be rational and clear about how much you can afford to spend each month. This is the time to negotiate down payment and all future payments, as well as any possible equity. Don't be nervous. Examine your needs and move forward. Do not rush through this, as it is a very important part of the process.

Good luck!

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