So you’re just getting settled into the first new home of your own; as might be expected you’ve learned some valuable lessons during the process of making it yours.
Now, there are plenty of “10 Tips for Home Buyers” out there on the internet, so we won’t bore you with more of those, but what about the things you need to consider that aren’t typical? Here are a few things that most first time buyers don’t even consider:
Make a Checklist
Buying a home can be an emotional process; ideally you would set those feeling aside to make the most logical decisions. It never happens, but it would be ideal – so a good way to help fight the effects of the inevitable is to make a list of things you want in your new perfect place. Organize it with Must Haves, Would Be Nice, and lastly No Big Deals – this will make it easy to visualize the home you want and clearly asses which items may or may not be deal killers. Print this list out and keep it with you when you’re out house hunting – if nothing else it will keep the important features of your potential home in front of you.
Think Long Term
Thinking long term in home ownership means thinking re-sale. Thinking re-sale means thinking about VALUATION, so consider all the factors that go into improving your home and how easily they can be accomplished. Also, your needs as homeowner will change over time as well; your job may change, you may have kids, or other more unexpected life changes that might not fit with the ideal home you start with.
Grill the HOA
Find out the facts about the Napoleonic authorities that will be governing the home you worked so hard to own. In many cases these over-powered authorities can make your time in your new home difficult at best – and their word is law – so it’s definitely a good idea to find out as much about the HOA organization before you buy. Some might say it may be an even better idea to choose a community that does not have these sort of antiquated restrictions on how you can live in the house you’re paying for.
Don’t Get Upstaged
Houses are often staged for sale in order to look more appealing, and while there’s nothing underhanded about the sellers wanting to present the house in the best light you do need to look through the glamour. Realize that as nice as the house looks now that the furniture and everything else you see will be gone when you move in. Dispel the staging and instead visualize how your own furniture and accessories will fit the home.
The Legends Are True
There are a lot of old adages about real estate…location, location, location of course and buy the view not the house are common. Lesser known axioms that can truly be life savers include: have an emergency fund! Save for your down payment of at least 20%, and start saving early on. Don’t buy more home than you can afford, and avoid large purchases (especially on credit) right before you start house hunting.