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When you’re a first-time homebuyer, the process is both exciting and intimidating. With a lack of experience, it’s common to make mistakes when you buy a home, so it’s important to know what you can do to avoid them and achieve a successful transaction. If you’re purchasing a home in Red Wing, MN, the real estate agents at Lawrence Realty Inc shed some light on mishaps first-time buyers make and offer advice on what you can do.

3 Mistakes That Hurt First-Timers When They Buy a Home

1. Not Getting Pre-Approved for a Mortgage

buying a homeGetting pre-approved for a mortgage is key when searching for your dream home. It makes you appear as a more serious buyer to the seller by proving you have a steady source of income and the assets to make an offer on the property.

2. Not Saving Up for a Down Payment & Fees

Before buying a home, you must have a fund set up to cover the down payment and other fees. Closing costs can be as much as 2% to 3% on a home, while you will also be responsible for property taxes. Depending on the negotiations, you may have to cover certain repairs, as well.

3. Not Hiring a Real Estate Agent

While there are plenty of websites at your fingertips to help you browse through available real estate listings, an agent can do so much more. From scheduling tours to negotiating contracts, it is crucial to have a professional in your corner when dealing with such a large financial investment for the first time.

If you’re ready to take the first steps and buy a home, call on the professional real estate agents at Lawrence Realty Inc in Red Wing, MN. They offer their knowledge and industry tools to guide buyers and sellers through every aspect of the purchasing process. Contact them today at (651) 388-4745 to schedule a consultation, or visit their website to browse their selection of property listings. 

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