There is no questions that the process of buying a home can be daunting for first-time homebuyers. Just thinking about the commitment can cause anxiety. But actually going ahead and making an offer? That can take the situation to an entirely different level.
When first-time homebuyers reach this point, the questions start coming in fast and furious Are you choosing the right one? What if you buy this home and the perfect place comes on the market a week later? What if you end up hating the house in a year?
The bad news is that there isn’t a one-size-fits-all formula for first homes. But the good news is there are steps you can take to avoid major mistakes.
The reality is that some homes just aren’t right for the average first-time homebuyers.
Especially the following:
As first-time homebuyers you may not have children yet. In fact, you might not even be thinking about kids at all in the near future. But life happens and plans change. And when this happens it will not take long for the tiny two-bedroom historic bungalow you are thinking about to be too small.
At the same time, first-time homebuyers should not automatically go with the biggest house you qualify for, either. Five bedrooms might make sense for you at some point down the road, but if it’s just you and your partner now, you probably won’t need those other four bedrooms for a while. In situations like this it does not make sense to pay for such a large mortgage when you there is no need for it.
It can be tempting to consider buying an older fixer-upper. Tv shoes make the rehab process look so quick and easy. But be careful how much rehab you take on.
If the home needs one or two big projects and a handful of small DIY weekends to get where you want it, you might want to consider the house. However, if you have no problem finding ten problem areas without batting an eye, you might end up over your head (and in a lot of debt).
Does the front lawn require a landscape team? Is there a swimming pool out back? How about a huge vegetable garden that needs tending? These home features can sound appealing when considering whether or not to buy, but do you really want to spend all of your free time maintaining your home?
If you’ve found a great deal on a home, it can be easy to immediately go ahead and congratulate yourself for your hard work. But before you break out the champagne, ask yourself why the deal is so great.
Is the location a bit off? Are there hidden problems you overlooked? Are you missing something about the neighborhood? While you might save some money in the beginning, there could be some hidden problems that will surface if and when you try to sell the home later on.
As first-time homebuyers it can be difficult to take such a wide view when looking for your new home. But in order to get the most out of your time there, while also setting yourself up for a successful home sale when that time comes, you must think big picture.