| Buying your first home represents the beginning | | | | are aware that you have competition, it is all too |
| of a new chapter in your life. Most people are | | | | easy to let your emotions drag you into a bidding |
| aware of the commitment, the financial impact | | | | war. Similarly, some people are fearful of getting |
| and the life changes that usually accompany | | | | into a bidding war so they overbid right from the |
| buying a house, but some people do not realize | | | | start. You can wind up paying a lot of money out |
| that there are a lot of emotions involved. Many of | | | | of pocket if the house appraises for less than you |
| the decisions made during the home buying | | | | offered. Down the road, you can find yourself |
| process that people end up regretting were fueled | | | | upside down on your mortgage and trapped if the |
| by strong feelings rather than sound logic or | | | | market cools off or worse goes down. |
| rational thinking. It is extremely important to stay | | | | Another common mistake is overestimating your |
| in control and avoid letting your emotions drive | | | | ability to make repairs or upgrades yourself. |
| your decisions when buying your first house. | | | | Buying a fixer upper is not for everyone so don't |
| One unfortunate mistake that is all too common | | | | let overconfidence get you in over your head. |
| among first time home buyers is falling in love | | | | Upgrades and repairs can cost more than twice |
| with a home that is out of their price range. For | | | | as much if you start a project you cannot finish |
| many people, the dream of home ownership | | | | or if your handiwork has to be torn down and |
| includes buying a dream home. The home of your | | | | re-done from scratch. A little honest |
| dreams is not necessarily the one you can | | | | self-evaluation can save you from the frustration, |
| currently afford, however. One way to make | | | | added expense and regret that comes from |
| sure this does not happen to you is to get | | | | incorrectly assuming you can do the work that |
| pre-approved for a loan before you go shopping | | | | needs to be done yourself. |
| for houses. With a pre-approval letter, you will | | | | Buying your first home is no time to let your |
| know exactly what you can spend and you can | | | | emotions be your guide. You can wind up costing |
| ensure that you do not waste time looking at | | | | your self thousands of dollars or find yourself |
| houses you cannot afford. | | | | stuck in home you cannot sell. If you stay |
| Some first time home buyers, particularly in hot | | | | realistic, patient and in control, however, you will |
| markets, wind up offering more than a house is | | | | be able to find a house that suits you at a price |
| worth. When you find a house you like and you | | | | you can afford. |