Buying your first home is a very exciting and nerve-wracking process simultaneously. It is the biggest purchase you will ever make. There are no landlords to take care of maintenance issues; it’s all you. This is not the time to rush, or be impulsive. As eager as you may be to start building your new life in your new home, doing your homework, and proceeding slowly will be of utmost benefit. This is not a purchase where you want to end up with a heavy dose of buyer’s remorse. Here are a few tips:
Don’t Sacrifice What Really Matters for Bells and Whistles
It isn’t much fun to think about what you ‘need’ in a house, like a reasonable distance from your job. It is much more fun to think about all the ‘wants’, like cool crown molding or lots of south-facing windows, letting in plenty of light.
It is understandable wanting to like how a house looks, and it getting you excited. But be careful of getting so caught up in these types of things, you start disregarding things that will matter much more in the long-run. You may fall absolutely in love with that cool kitchen or breakfast nook, and it is easy to think these things will more than make up for compromising on space or adding extra time to your commute. But chances are, the thrill will wear off eventually.
Get Proper Inspections
Getting proper inspections is of utmost importance. You don’t want to move in only to find the basement is infested with mold, and it will cost you 10 grand to fix it. If you are thinking about buying a luxury home, there are probably many specialized inspections you may need, such as security systems or water features. If you are considering a home that needs a fair amount of work, it is even more important to be accurate with the inspections. While you can’t account for every issue and there are always surprises, some things may not be worth the effort to fix, and you are better off buying a home that is more move-in ready.
Don’t Get Too Picky
It is one thing to not see quite what you want and then keep looking. It’s another to find a house that seems to have it all, but you just want to make sure you aren’t missing out on something even better. In the latter scenario, you risk missing out. It is okay to evaluate your options, but be careful about walking away from a great house out of fear there may be something even more perfect.
Be realistic with your budget and what you can get for that kind of money. Too many people’s expectations are way beyond what they can afford. Really think about what is most important, and what just ‘would be nice,’ but isn’t crucial. Be willing to see what could be, and not just what is right now. Small changes can completely transform a space.
