Friday, June 26, 2015 / by Caleb Pearson
Advice For First Time Home Buyers
Purchasing a house for the first time is a wonderful feeling, but because there are so many homes on the market, it can be hard to determine which is the perfect one for you. For this reason, we have created a small list with some efficient tips that will help you make the right purchase.
1. Think about the long term and resale value
You need to figure out why are you purchasing the house and for how much time you plan to stay in it. If you will have kids or already have kids, then having a school nearby is imperative. On top of that, you need to check the overall safety of the neighborhood and other relevant information, because safety should be a top concern.
2. Create a list with all the items that you want and need
Evaluating a home can be an emotional moment, especially if you like what you see. Create a list with all
the stuff you want from your home, and split it into the essential, nice to have and non-essential items. Take this list with you each time you visit a new property, as this will help you reach an objective decision.
3. Think about the expenses
A home is nice to live have, but it does come with lots of expenses: utilities, commuting, taxes, insurance, interest for your mortgage and so on. These can add up to a lot, so you do need to take that into account and see if you can actually afford purchasing the house you like, as this might bring on
financial problems in the long run.
4. Read the contract clauses
This is very important, because in the end, buying a house is a major purchase, probably the biggest in your life. Try to fully understand the terms of the contract and see if there are any problems with it. It’s a major investment and important that you know what you’re getting into.
5. Don’t buy a house only for the view
Views can be deceiving, and sometimes they are the ones that incline you towards purchasing a home. Instead, try to study the house for what it truly offers, because the view is not the only thing that matters, in fact it can be lost very easily due to changes to surrounding properties.
6. Try to take and additional look besides staging
A nicely staged house is great, but sometimes it can hide the truth, and this is why asking about things you are uncertain of is important. Dig deeper into the water spot on the ceiling and make sure everything is in the open. The last thing you want is surprise repairs and expenses when you purchase a house.
7. Keep an emergency fund
Avoid investing all your money into a home, and instead try to focus on keeping an emergency fund as well. You never know when something is going to happen so it’s better to always be prepared.
8. Hire a real estate agent
If you are ever in doubt or have any questions. Your realtor should be your go to. They have experience and knowledge that is greatly beneficial. Use it. Don’t be shy, ask questions.
In conclusion, buying a home for the first time can be overwhelming. Make sure you take a step back and make sure that you are ready for the big decision and also that the home is worth the risk.