Guidelines For A First Time Home Buyer
The decision to buy your first home might be an easy one to make. But how to find and buy the right home is always a complex task. There’ll be hundreds of questions begging for answers in your head as a first time home buyer. That’s why first time home buyers are often easily caught off guard by the realities of the real estate market.
But then a whole lot of things can turn out differently if you have a set of guidelines to follow. If you know exactly how to put your best foot forward in the real estate market, odds are you’ll end up in the type of home you’ve always wanted. Here are the key things you shouldn’t overlook when you’re looking to buy your first home.
Tips for a first time home buyer
Think long term and consider resale
There are several things you shouldn’t overlook when you’re hunting for your first home. If you’re planning to have kids in the future, consider a house in a top rated school district. Also, if you intend to take care of elderly relatives, you should consider a peaceful environment.
When you end up in a house on a busy streets or a neighborhood in a bad school district, it’ll be difficult for you to sell the property if you intend to move on later. So think long term and think resale.
Make a checklist of features you want
Buying your first home could turn out to be emotional. But you shouldn’t let your emotions get in the way when assessing your potential house. While that is practically impossible, you’ll have to do all you can to limit the effects of your emotion. So make a simple list of all your must- haves, nice-to-have and other essentials.
Have a copy of your checklist handy whenever you’re out house hunting. If you have a smart device or a camera, take photographs of items on your list whenever you come across them. If you fall in love with any house but observe that the building lacks the must-haves on your checklist, you’ll have the chance to put your emotions aside and have a second thought.
Consider all the expenses when you’re budgeting
When you start budgeting for your first home, look beyond principal, interests, taxes, and insurance. Look at utilities, cost of upgrades and commuting. You should call the utility companies that service the home on your shortlist and request for an estimate of what the expenses will be.
Also, find out if there are any budget plans available etc. For instance, if you intend to move further away from the places you often visit, you may have to spend more on commuting. Consider that as part of your expenses and calculate if the house is ideal for you.
Don’t overlook un-staged homes
Staging sells. In fact, staged home sells faster and for more money compared to un-staged homes. But don’t let this stop you from buying one. But bear in mind that some un-staged homes are hidden goldmines.
So look closely and don’t turn down any un-staged home because it’s simply un-staged. Make sure you look beyond the sexy chairs and focus on the floor plan, molding and other features that will remain once the staging is gone.
Pay attention to inspection
Make sure you invest in home inspection so you wouldn’t end up buying a property sitting on a time bomb – just waiting to collapse. If you find undisclosed adverse conditions, ask the seller to cut down the home’s cost accordingly.
It’s not a good idea to ask the seller to fix the problem. They wouldn’t be living in the home anymore and may do a basic repair that wouldn’t last long. But if you decide to do the repairs, odds are you’ll do it to your taste.
Bottom line
Don’t jump into conclusion when you’re looking to buy your first home. Weigh all possible and available options and consider where you plan to be in the next few years before making up your mind.