Home Sweet Home: 3 Steps To Help You Avoid Costly Mistakes With Your First Home Purchase
Posted on: 15 December 2016
Buying your first home can be stressful. You're probably worried about buying in the right neighborhood, getting the best percentage rates, and closing on time. However, while you should be concerned about those issues, there are some other issues that require your attention, as well. Those are the issues that might end up causing you the biggest headaches of all. Here are three tips that will help you avoid making costly mistakes.
Buy Only as Much as You Need
When it comes to looking for your first home, make sure you communicate your needs with your real estate agent. Communication will help you avoid spending time looking at homes that are either too big for your needs or priced slightly above your comfort zone. The bigger, more expensive home might be beautiful. However, if it doesn't suit your needs, you might be left with a mortgage payment you're not comfortable with for a home that's too big for you. A good rule of thumb is to buy only as much as you need, for a price you can afford – without making changes to your lifestyle.
Think Twice About the Fixer-Upper
That fixer-upper might seem like a real bargain, but when you get right down to it, you might be in for a much bigger expense than you anticipated. Minor imperfections in a home are usually easy – and inexpensive – to deal with. However, if the home you're looking at needs a total overhaul – plumbing, electrical wiring, etc. – you might want to give it a second-thought. This is particularly true if the added cost of upgrades would price the home out of your comfort range.
Negotiate Until You're Satisfied
If you've found the home of your dreams, but the homeowners seem intent on taking a firm stand on the terms, don't give up too quickly. Tell your real estate agent what you want and attempt to negotiate with the owners. Don't stop negotiating until you're satisfied with the outcome. That doesn't necessarily mean that you'll get exactly what you wanted. It means that you'll know you did everything you could to get the home that you wanted, whether that means paying the asking price or walking away from the deal.
Now that you're looking for your first home, take your time. Doing your research, and going slow, will help ensure a smooth – and relatively pain-free – experience. Use the tips provided here to help avoid making mistakes that could come back to haunt you later.
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