There are many moving parts to purchasing your first home. Don’t get lost in the commotion by checking out a few common mistakes to avoid!
It is easy to get swept away in the exciting events of buying a home. Do not forget to check the physical house for issues that could cause problems or financial woes moving forward. Faulty electrical set-ups, plumbing issues, and oil tanks can all be costly expenses if not checked prior to purchase.
Carefully plan out and execute a budget. Is the house something that you can really afford? Do not forget to include bills that may not be a regular occurrence. For example, car maintenance, insurance premiums, or tax payments. Be sure to look for houses that are within your price range so you do not stretch yourself too thin financially.
Being a homeowner may include additional expenses that are not included when renting. Property taxes, disaster insurance, and sometimes maintenance costs (if buying a condo) are expenses that some may overlook when estimating a budget for purchase.
Many people get sucked into the absolute dream home thinking. The houses you will be looking at may not have absolutely everything you are looking for. If the house matches your basic qualifications in terms of things that are permanent (location, number of bedrooms, proximity to a school) then you should overlook physical imperfections that may be easily fixed moving forward. You will end up paying more for a house with all the upgrades already complete than you would with a little patience and elbow grease.
Always consider upcoming changes that may complicate your situation or the appropriateness of your home. Look into the town’s development plans. Are they planning on doing major construction near your area? Maybe that convenient grocery store will be getting shut down in the future. Are you buying a two bedroom but are planning on having more children? Which direction are the housing prices moving in the area? Although it is impossible to consider every situation, it is good to discuss the possibilities to ensure you are making the best possible decision.
Photography by [fizkes] © shutterstock.com
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