1)Forgetting to get pre approved for a mortgage
First time buyers are mostly young people who are in their thirties. Who don’t have accumulated wealth so pay off some money for buying apartments thus they have to take loan from bank after arranging their share of contribution therefore it’s better that they keep their loan for housing approved in advance if they are intending to buy apartments in near future this will help them take advantage of any good opportunities knocking at their doors. Thus pre approved mortgage for housing is important.
2)Overlooking the down payment
Many buyers who wish to buy apartments but they don’t save for margin money thus when opportunities knocks they are not ready with margin money so they miss out on buying apartments on good prices thus buyers who intend to buy apartments in near future should try and save for down payment.
3)Not getting your credit score where it could be.
Now a days people are financed for any loans if their credit score is good. Good credit score mean less defaults in repayments if the loan. Buyers intending to buy apartments must keep their credit score not only good but in case any default in payment has happened then they should try to rectify the same thus their credit score will be intact and more which will help them in getting housing loans at better interest rates as well as faster.
4)Not shopping around when looking for a Lender
Buyers need to shop around for getting good deals on loans that is loan payments as well as interest. If the buyers have good credit score as well as margin money then they can shop around for better mortgage deals.
5)Focusing too much on the House and not enough on the Neighborhood
First time buyers should not rush into making deals to buy apartments they need to study real-estate market. Before buying apartments they should take into consideration all general as well as specific things. Neighborhood, amenities, infrastructure etc. then after completion of everything should decide to buy apartments not by rushing.
6)Making key decisions based on Emotions
First time buyers not to make decisions on emotions but on practical and realistic aspect of advantages and disadvantages of buying apartments.
7)Having no money for Rainy Day
8)Miscalculating your budget for Renovations
First home buyers should not exceed their budget by miscalculating the price of buying an apartment.