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See Also
See Again
© Shutterstock
0 / 28 Fotos
Not saving enough money
- We get it, you want a home, and you want it now. But sometimes it's worth saving a bit more money. What's more, before buying, make sure you have enough money to cover the deposit and all expenses.
© Shutterstock
1 / 28 Fotos
Not doing enough research
- From mortgages to costs and to the features you need in your new home, some first-time buyers regret not researching properly.
© Shutterstock
2 / 28 Fotos
Not shopping around
- When shopping for a mortgage, try to get as many options as possible. Interest rates and terms vary, and these can make all the difference.
© Shutterstock
3 / 28 Fotos
Not sticking to the budget
- This is of utmost importance. Calculate all expenses before you close a deal, and make sure you can afford it.
© Shutterstock
4 / 28 Fotos
Not getting a mortgage pre-approved
- You should get this done before you start viewing properties. Competition is fierce, and if you want to make an offer, you should know exactly how much your mortgage will cover.
© Shutterstock
5 / 28 Fotos
Not considering area developments
- Will a road be built in front of your new home? Perhaps new buildings? Whatever it might be, try to get as much information as possible with regards to any future developments and how they can affect your property.
© Shutterstock
6 / 28 Fotos
Not paying attention to old paint
- Old properties might have lead-based paint. Make sure you test this before buying.
© Shutterstock
7 / 28 Fotos
Not considering the commute
- Some first-time buyers just realize their commute is too long after they start living in their new home. Make the journey to work beforehand and make sure it works for you.
© Shutterstock
8 / 28 Fotos
Not attending the final inspection
- It's important not to skip the final inspection, particularly if the property has people still living in it. This is a way to assess any last-minute damage to the property.
© Shutterstock
9 / 28 Fotos
Leaks
- Unfortunately, not all leaks are visible. Make sure your inspector looks at the walls, the roof, pipes, and other areas such as septic tanks.
© Shutterstock
10 / 28 Fotos
Not checking the wiring
- Electrical wiring can be a problem, particularly in older properties. Make sure they've been retrofitted to today's safety standards.
© Shutterstock
11 / 28 Fotos
Buying a home that's too small
- Size matters when it comes to where you live. While you might not need three spare bedrooms, err on the side of "bigger is better."
© Shutterstock
12 / 28 Fotos
Waiting for "the one"
- The perfect home might not exist. Even if it does, it might be out of budget, at least for now. This is a common mistake that leads to delays in getting into home ownership.
© Shutterstock
13 / 28 Fotos
Not hiring a real estate agent
- The seller's real estate agent will act in the interest of their client, not yours. Having a professional on your side should help.
© Shutterstock
14 / 28 Fotos
Not changing the locks
- Even if you know and trust your new home's previous owners, you don't know who had or still has a spare key. Better safe than sorry.
© Shutterstock
15 / 28 Fotos
Not considering resale value
- You should factor this in when buying a property. Location, among other things, play a big role on whether the house will have a good resale value.
© Shutterstock
16 / 28 Fotos
Buying at the wrong time
- While you can't predict market fluctuations, it's likely that you'll get a better deal if you buy when most people don't: in the fall and winter.
© Shutterstock
17 / 28 Fotos
Not knowing the area
- Many first-time buyers regret not taking the time to know the neighborhood in advance.
© Shutterstock
18 / 28 Fotos
Not having an emergency fund
- Many first-time home buyers spend all their savings in buying a property. Keeping a "rainy day fund" will make you feel safer if something unexpected happens.
© Shutterstock
19 / 28 Fotos
Forgetting to include utility bills in the budget
- Home ownership comes with a few expenses, namely utility bills. These will be different from the ones in your previous home, depending on the provider, use, size of the property, etc.
© Shutterstock
20 / 28 Fotos
Not checking the fire alarms
- Do not rely on the previous owners and check if every single fire alarm is working.
© Shutterstock
21 / 28 Fotos
Relying on appreciation
- Due to the volatility of the property market, appreciation is not always guaranteed. You might make some money if you sell it a few years down the line, but again, you might not.
© Shutterstock
22 / 28 Fotos
Not keeping all paperwork
- Get all your paperwork together and organized. Include any repairs and maintenance done. This might also be beneficial if you decide to sell the property later on.
© Shutterstock
23 / 28 Fotos
Not getting a home warranty
- Getting a warranty that covers things such as appliances is always a good thing. You can negotiate this with the seller in some cases.
© Shutterstock
24 / 28 Fotos
Not shopping around for contractors
- If you're buying an older property that needs some work, do your research. Ask friends and family for recommendations, and get as many quotes as possible.
© Shutterstock
25 / 28 Fotos
Not knowing your must-haves
- It's important to separate what we can't live without from what we'd like to have in our home. Sure, a pool would be great, but what's more important: that or an extra bedroom?
© Shutterstock
26 / 28 Fotos
Buyer's remorse
- The process of buying a house can be pretty stressful, so it's natural to feel buyer's remorse at some point. It's okay–it will all be worth it in the end! See also: How to save money renovating your home
© Shutterstock
27 / 28 Fotos
© Shutterstock
0 / 28 Fotos
Not saving enough money
- We get it, you want a home, and you want it now. But sometimes it's worth saving a bit more money. What's more, before buying, make sure you have enough money to cover the deposit and all expenses.
© Shutterstock
1 / 28 Fotos
Not doing enough research
- From mortgages to costs and to the features you need in your new home, some first-time buyers regret not researching properly.
© Shutterstock
2 / 28 Fotos
Not shopping around
- When shopping for a mortgage, try to get as many options as possible. Interest rates and terms vary, and these can make all the difference.
© Shutterstock
3 / 28 Fotos
Not sticking to the budget
- This is of utmost importance. Calculate all expenses before you close a deal, and make sure you can afford it.
© Shutterstock
4 / 28 Fotos
Not getting a mortgage pre-approved
- You should get this done before you start viewing properties. Competition is fierce, and if you want to make an offer, you should know exactly how much your mortgage will cover.
© Shutterstock
5 / 28 Fotos
Not considering area developments
- Will a road be built in front of your new home? Perhaps new buildings? Whatever it might be, try to get as much information as possible with regards to any future developments and how they can affect your property.
© Shutterstock
6 / 28 Fotos
Not paying attention to old paint
- Old properties might have lead-based paint. Make sure you test this before buying.
© Shutterstock
7 / 28 Fotos
Not considering the commute
- Some first-time buyers just realize their commute is too long after they start living in their new home. Make the journey to work beforehand and make sure it works for you.
© Shutterstock
8 / 28 Fotos
Not attending the final inspection
- It's important not to skip the final inspection, particularly if the property has people still living in it. This is a way to assess any last-minute damage to the property.
© Shutterstock
9 / 28 Fotos
Leaks
- Unfortunately, not all leaks are visible. Make sure your inspector looks at the walls, the roof, pipes, and other areas such as septic tanks.
© Shutterstock
10 / 28 Fotos
Not checking the wiring
- Electrical wiring can be a problem, particularly in older properties. Make sure they've been retrofitted to today's safety standards.
© Shutterstock
11 / 28 Fotos
Buying a home that's too small
- Size matters when it comes to where you live. While you might not need three spare bedrooms, err on the side of "bigger is better."
© Shutterstock
12 / 28 Fotos
Waiting for "the one"
- The perfect home might not exist. Even if it does, it might be out of budget, at least for now. This is a common mistake that leads to delays in getting into home ownership.
© Shutterstock
13 / 28 Fotos
Not hiring a real estate agent
- The seller's real estate agent will act in the interest of their client, not yours. Having a professional on your side should help.
© Shutterstock
14 / 28 Fotos
Not changing the locks
- Even if you know and trust your new home's previous owners, you don't know who had or still has a spare key. Better safe than sorry.
© Shutterstock
15 / 28 Fotos
Not considering resale value
- You should factor this in when buying a property. Location, among other things, play a big role on whether the house will have a good resale value.
© Shutterstock
16 / 28 Fotos
Buying at the wrong time
- While you can't predict market fluctuations, it's likely that you'll get a better deal if you buy when most people don't: in the fall and winter.
© Shutterstock
17 / 28 Fotos
Not knowing the area
- Many first-time buyers regret not taking the time to know the neighborhood in advance.
© Shutterstock
18 / 28 Fotos
Not having an emergency fund
- Many first-time home buyers spend all their savings in buying a property. Keeping a "rainy day fund" will make you feel safer if something unexpected happens.
© Shutterstock
19 / 28 Fotos
Forgetting to include utility bills in the budget
- Home ownership comes with a few expenses, namely utility bills. These will be different from the ones in your previous home, depending on the provider, use, size of the property, etc.
© Shutterstock
20 / 28 Fotos
Not checking the fire alarms
- Do not rely on the previous owners and check if every single fire alarm is working.
© Shutterstock
21 / 28 Fotos
Relying on appreciation
- Due to the volatility of the property market, appreciation is not always guaranteed. You might make some money if you sell it a few years down the line, but again, you might not.
© Shutterstock
22 / 28 Fotos
Not keeping all paperwork
- Get all your paperwork together and organized. Include any repairs and maintenance done. This might also be beneficial if you decide to sell the property later on.
© Shutterstock
23 / 28 Fotos
Not getting a home warranty
- Getting a warranty that covers things such as appliances is always a good thing. You can negotiate this with the seller in some cases.
© Shutterstock
24 / 28 Fotos
Not shopping around for contractors
- If you're buying an older property that needs some work, do your research. Ask friends and family for recommendations, and get as many quotes as possible.
© Shutterstock
25 / 28 Fotos
Not knowing your must-haves
- It's important to separate what we can't live without from what we'd like to have in our home. Sure, a pool would be great, but what's more important: that or an extra bedroom?
© Shutterstock
26 / 28 Fotos
Buyer's remorse
- The process of buying a house can be pretty stressful, so it's natural to feel buyer's remorse at some point. It's okay–it will all be worth it in the end! See also: How to save money renovating your home
© Shutterstock
27 / 28 Fotos
The biggest regrets of first-time home buyers
Learn from others people's mistakes
© Shutterstock
Buying your first home is an important life event. Many of us dream of becoming homeowners, and work incredibly hard to achieve our dream. But while there are many benefits in owning our own property, there are also many challenges that come with it. First-time buyers lack the experience and commit many rookie mistakes. In this gallery, you'll learn from other people's mistakes, so you won't have to go through the same.
Click on the following gallery and see what first-time home buyers regret the most. The biggest regrets of first-time home buyers.
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