One thing is for sure, buying your first home is an exciting adventure. If thought-out properly it can be one of the most rewarding purchases you will ever make. However, sometimes the excitement gets in the way of good judgment. If you're a first time home buyer in MN, be aware of these common mistakes.

1. Making a decision only on feelings - When looking at a home, it is vital that you like the home and the area. However, it is a bad idea to buy more than you can afford simply because you love the neighborhood park or a pretty flower bed. Consider the finances along with the emotions.
2. Get pre-approved FIRST - It is a bad idea to look at a number of houses, fall in love with one and then find out that it will cost over $300 per month more than you anticipated. Getting approved for a mortgage loan first means you will only look at homes in your price range.
3. Don't budget for just the mortgage payment - One of the biggest pitfalls of new homeowners is the fact that they did not prepare for other costs. Replacing the roof, fixing a bad water heater, fixing or replacing a air conditioner or heater are normal expenses for homeowners. Understand that you will need to set aside some money each month for home repairs and maintenance.
4. Inspect the home thoroughly - There is nothing wrong with having a good heart and trusting the seller is telling the truth about the home's condition. There is also nothing wrong with paying for a home inspection to make sure everything is in good working order.
5. Buying at the upper end of your budget - Just because your income will allow you to buy a $275,000 does not mean you should get something that expensive. Consider that you will want some new furniture, possible redecoration in the future and other goals like retirement and vacations. If most of your money goes towards your home, then you will not be able to enjoy life.

Visit our Minnesota first time home buyer page for additional information or to see if you qualify, contact us or apply online!

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