Nesbitt Realty helps first-time home-buyers realize their home-buying dreams.
Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:
1. Ignore the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
2. Make purchases on credit before settlement. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.
3. Scrimp on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
4. Buy without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.
5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.
Julie Nesbitt is an ABR who has served buyers in some of Alexandria’s most exclusive neighborhoods. She is a top producing agent who has listed and sold property in Northern Virginia. In addition to helping folks buy, sell and rent property in Northern Virginia, Julie is the primary administrator of the property management services performed by Nesbitt Realty and Condo Alexandria. Call Julie at (703)765-0300.
