Posted by Tom Mahedy on 5/25/2018

Buying your first home is undoubtedly a long and complex process for someone who has little to no experience in the subject. Your average first-time homeowner learns as they go, with the help of their real estate agent and mortgage lender.

But, even so, first-time buyers often make many mistakes along the way that they could have avoided with prior knowledge and preparation.

In todayís article, weíre going to cover 5 of the most common mistakes that first-time homebuyers make when purchasing a home. From the first house you look at up until closing on your first home, weíll cover common mistakes from each step of the way to give you the knowledge you need to make the best home buying decisions.

1. Shopping for homes preemptively

Once you decide that youíre interested in potentially buying a home in the near future, itís tempting to hop online and start looking at listings. But, searching for your dream home at this stage is a poor use of your time.

Itís best to use this time to start thinking about the bigger picture. Have you secured financial aspects of owning a home, such as a down payment, a solid credit score, and two years of steady employment history?

Youíll also need to have a clear picture of what you want your life to look like for the next 5-7 years. Will you still want to live in the same area, or will your job lead you elsewhere?

These are all questions to ask yourself before you start house hunting that will inform your process along the way and make your hunt a lot easier.

2. Not knowing your budget

Itís a common mistake for first-time buyers to go into the house hunting process without a clearly mapped budget. You want to make sure that after all of your expenses (mortgage payment, utilities, bills, debt, etc.) that you still have leftover income for savings, retirement, and an emergency fund.

Make a detailed spreadsheet of your expenses and determine how much you can afford each month before you start shopping for mortgages.

3. Borrowing the maximum amount

While it may be tempting to buy the most expensive house you can get approved for, there are a number of reasons this might be a bad idea for you, financially. Stretching your budget each month is putting yourself at risk for not being able to contribute to savings, retirement, and emergency funds.

Furthermore, you may find that the extra square-footage you purchased wasnít worth having to cut corners in other areas of your life, like hobbies, entertainment, and dining out.

4. Forgetting important expenses

If youíre currently renting an apartment, you might be unaware of some of the lesser-known costs of homeownership. Your chosen lender will provide you with an estimate of the closing costs, which youíll have to budget for.

However, there are also maintenance, repairs, utilities, and other bills that youíll have to figure into your monthly budget.

5. Waiving contingencies or giving the benefit of the doubt

While it may seem like an act of goodwill to give the seller the benefit of the doubt when it comes to things like home inspections, itís usually a bad idea to waive contingencies.

The process of purchasing a home, along with a purchase contract, have been designed to protect both your interests and the sellerís interests. It isnít selfish to want to know exactly what youíre getting into when making a purchase as significant as a home.





Posted by Tom Mahedy on 5/21/2018

This Condo in Barnstable, MA recently sold for $230,000. This style home was sold by Tom Mahedy - Oceanside Realty Group.


28 Crocker Drive , Barnstable, MA 02601

Hyannis

Condo

$249,900
Price
$230,000
Sale Price

3
Total Rooms
1
Beds
1
Baths
Cape Cod Cottage living! Easy care, two level, freestanding condominium with low fees, just 2/10th of a mile to the sandy, southside beaches of Hyannis! This adorable and bright, two level property features refinished wide pine floors, a skylit living/dining room with door leading to fully fenced, low maintenance rear yard with multiple patios & fire-pit. Large bedroom with space for a sitting area has new carpet, double closets & lots of natural light. Tucked away, small complex, in a great location - steps to Keyes Memorial & Sea Street Beaches or a stroll to Main Street for Shopping, Dining & Nightlife. PETS -AND- WEEKLY RENTALS allowed. On Town Sewer/Water. NOT in Flood Zone requiring flood insurance.

Similar Properties





Tags: Barnstable   Real Estate   Condo   02601  
Categories: Sold Homes  


Posted by Tom Mahedy on 5/18/2018

Selling a home requires time, dedication and patience. As such, you need to be aware of the biggest dangers associated with selling a residence before you add your home to the real estate market; otherwise, you risk wasting your valuable time and resources. One of the biggest home selling dangers often remains ignored Ė self-sabotage. And if you're not careful, you may sabotage your chances of selling your residence without even realizing it's happening. So what can you do to avoid the danger of self-sabotaging your home sale? Here are three tips that home sellers can use to eliminate this risk altogether: 1. Be Realistic About the Price and Value of Your Home. Employ a professional appraiser to evaluate your home before you list it on the real estate market. By doing so, you'll be able to better understand what your home is worth and price it appropriately. Also, keep in mind that what you ask for your house may not be what homebuyers offer for your residence. For instance, in a seller's market, you might actually receive multiple offers that exceed your initial asking price. Conversely, in a buyer's market, you may wind up getting numerous offers at or below your original asking price. Regardless of whether you're selling your residence in a buyer's or seller's market, however, it is important to remain flexible. Ultimately, you need to feel comfortable with the initial asking price you set your house and the offers you receive for your residence, and only then will you be able to finalize an agreement that works well for both you and a homebuyer. 2. Act Fast on Any Offers You Receive. It is paramount to prepare for offers before they arrive, as this will enable you to act quickly and efficiently. Typically, you'll only have a short amount of time to decide whether to accept a homebuyer's proposal. And if you plan for prospective offers you'll receive, you can act confidently under duress. Consider how you'll respond if you receive an offer that meets or exceeds your initial asking price, along with how you'll respond to an offer that falls below your initial expectations. Because if you plan for the best- and worst-case scenarios, you'll be better equipped to minimize the chance of sabotaging a home sale. 3. Work with an Experienced Real Estate Agent. Collaborate with an experienced real estate agent, and you'll be able to prevent the risk of self-sabotage. A real estate agent will help you determine the best price for your home and get your residence ready for a home showing. Meanwhile, this professional likely will possess years of experience and ensure you understand the ins and outs of the real estate market, allowing you to make the best decisions possible relative to your home sale. Find the right real estate agent to sell your home Ė you'll be thrilled you did! With an expert real estate agent at your disposal, you'll be able to improve your chances of finding many interested homebuyers and getting multiple offers for your residence. Understand the danger of self-sabotage, and you can prevent this problem from arising as you attempt to sell your house.





Posted by Tom Mahedy on 5/15/2018

This Single-Family in Barnstable, MA recently sold for $299,500. This Ranch style home was sold by Tom Mahedy - Oceanside Realty Group.


83 Frost Lane , Barnstable, MA 02601

Hyannis

Single-Family

$299,500
Price
$299,500
Sale Price

4
Total Rooms
2
Beds
2
Baths
Looking for a Charmer? This 2 bedroom/2 full bath Ranch is in great shape, Open Living space with custom wood floors. Newer Roof and Septic, nice sized yard, front and back decks and just about a mile to Beach in Hyannis Port! Vibrant Main street with great restaurants and shops are close by. Will not last! All dimensions/info the verified by Buyer.

Similar Properties





Categories: Sold Homes  


Posted by Tom Mahedy on 5/15/2018

This Single-Family in Barnstable, MA recently sold for $408,400. This Contemporary style home was sold by Tom Mahedy - Oceanside Realty Group.


57 Longboat Drive , Barnstable, MA 02632

Centerville

Single-Family

$419,900
Price
$408,400
Sale Price

5
Total Rooms
3
Beds
2
Baths
Nestled in the woods of a quiet neighborhood, this 3 bedroom, 2 bath home exudes serenity. The large front porch with lush colorful landscaping invites you into this fresh and airy home. Gorgeous hardwood floors, new Anderson windows, cathedral ceilings and skylights give the home a spacious and bright feel. The open concept kitchen boasts granite countertops, custom cabinets, and stainless steel appliances while the living spaces in the home have beautiful and charming gas fireplaces.The Master Bedroom is freshly painted with new carpets and a renovated bathroom with a granite counter. There are two additional bedrooms freshly painted with new carpeting that share an updated bathroom with granite top. Fantastic walkout finished basement on the lower floor and stunning,

Similar Properties





Categories: Sold Homes