5 Mistakes To Avoid When Buying Your First Home in Mammoth Lakes

October 24th, 2018
mistakes to avoid when buying a home.jpeg

Whether you're new to the Mammoth Lake area or a local who's buying a house for the first time, you need to know what you're getting yourself into. As beautiful as most of the properties in the area are, the last thing you want is to end up with a disaster of a real estate investment.

There's more to buying your first home than looking at listings, going to open houses, and negotiating the terms of your purchase contract. You need to have your wits about you every step of the way in order to end up in the ideal place for you.

Here are 5 mistakes to avoid when buying your first house in Mammoth Lakes.

1. Buying without an Agent

Don't even think about buying a house anywhere without a real estate agent. Hiring a professional to help you should be the first thing you do when looking for a new home.

This is the person who is going to guide you throughout the entire process.

Having a real estate agent to confide in means you can be sure that you're looking at the best listings in the Mammoth Lakes area and that you'll have someone to help you negotiate. They'll be with you from start to finish and guarantee that you end up where you're supposed to be.

2. Waiting to Apply for Your Mortgage

Although your agent can do a lot for you, there are certain home buying responsibilities you have to take care of yourself. One of those is applying for a mortgage - and one of the biggest mistakes of home buying is waiting to do this.

It's much better to go into your search with a pre-approved mortgage ready to go. This gives you a clear idea of what kind of budget you're working with and how much money you can put down on a house. More so, it works in your favor when placing offers on properties and trying to get the attention of sellers!

3. Not Getting a Home Inspection

Don't get so caught up in the excitement of putting an offer together that you forget to get a home inspection. You need to wait for a professional home inspector to go through the entire process before you submit your bid or sign anything.

This gives you an idea of what's going on below the surface of a house. A home inspector will notify you of any red flags that a house isn't what you think it is. "Red flags" include things like a weak foundation, plumbing issues, and any infestations (termites, mold, etc).

4. Rushing the Process

Even if everything seems to check out in the house you're interested in, it's still a good idea to be patient throughout the buying process.

It's worth going to see as many houses as you can before you start getting any paperwork together. Even if you already have an offer in the works, you may see a new listing come up that perks your interest.

Remember, nothing is final until the closing papers are signed. Until then, it's worth keeping your eye on the market and taking your time to ensure you get the best new home possible.

5. Arriving at the Closing Unprepared

Once the closing does come up, you need to make sure you're prepared. Communicate with your real estate agent about who is responsible for what and double-check that you have everything you need before you head to the closing meeting.

Typically, buyers need the following documents:

  • a government-issued ID
  • proof of your mortgage approval
  • funding for the home's down payment

These may not sound like much, but it'd be quite the complication to not have what you need. Also, keep in mind additional documents may be required depending on your deal.

Buying Your First Home in Mammoth Lakes with Ease

Buying a property is never an easy process, but it can be especially intimidating when buying your first home. Thankfully, you don't have to do it alone.

Our real estate agents are prepared to make your home-buying experience in Mammoth Lakes a breeze. We're the knowledgeable team of professionals you need to find your ideal home and get it for a good price.

Click here to contact us today!