Central Florida’s title insurance experts, RECSFL, know that being a first-time home buyer can be exciting and overwhelming, so it’s important that you avoid the 5 following common mistakes for first-time home buyers.

  1. Over Budget – Knowing exactly how much you can afford on your first home is vital. Utilizing online calculators to determine the price of a home that will be comfortable for you and your family. If you are comfortable making your rent payments now and you don’t struggle, that is a good indicator of how much you can afford with a mortgage payment on a monthly basis.
  2. Spending Money Your Don’t Have – Plan your home and mortgage on the money that you are making now. If you are up for a raise in a year, don’t count on that money in the event that it doesn’t happen or if you make another life change. Be comfortable with your spending here and now and don’t rely on money that isn’t within your reach right now.
  3. Consider All Costs – Many first-time home buyers think only about the cost of the home, but there are plenty of other costs that people don’t consider; for example: closing costs, home inspections, property taxes, HOA fees, homeowners insurance etc.
  4. Ignoring Home Inspections – Protect yourself with home inspections and contingency clauses. Home inspections can find problems with the home that your eye might not see and offers protection as you are buying the home.
  5. Forgetting to Educate Yourself – Stay educated on everything that comes with buying a new home. Stick with your gut feelings on location and quality of the home. Many first-time home owners get caught in the illusion and excitement of buying a home and forget how much and money home repairs can cost.

Real Estate Closing Solutions offers Central Florida title insurance and real estate closing solutions services. We provide resources to first-time home buyers in Orlando. To learn more, call 407-615-8550.