Just the thought of buying a single-family home for the first time can be exciting. Most people want to do things right, but it can be difficult to cope with what seems like an avalanche of helpful advice. Thankfully, many home-buyers have already come before you, and they can offer advice based on what they went through. Take a look below and heed that expert advice.
Picture the Future
Most buyers focus on the now, and that can create an opportunity for shortsightedness. Some home-buyers never consider the quality of the schools in the area because they don't have any children. Maybe they don't plan to have them or their kids are already gone. None of that matters – it's about the resale value of your home. Homes in good school districts always sell for more, so don't forget to check this before you make a decision. Another common mistake is buying a home in a condo complex when you don't have anywhere to walk a future dog or anywhere for future children to play outside. To take this further, find out about the zoning situation with any large open tracts near your home. You might not want a big box store in your backyard in a few years.
Be Ready to Haggle
Buyers don't often get the chance to negotiate for a price anymore. Automobile and home buying are the exceptions. Unless you are looking for a home in an extremely competitive market area, buyers are expected to make offers and negotiate for the final purchase price. It's not just the purchase price of the home that is negotiable, however. Closing costs can be paid by either the buyer or the seller. In addition, some sellers may agree to include furnishings that are too bulky to move.
Not Saving Enough Cash
You may be depending on a mortgage loan to pay the cost of the home, but that is not the only financial outlay to expect. You should be provided with an estimate of closing costs to expect, and those estimates become more and more exact as the time for the meeting approaches. Also, you will need to set aside money for home repairs and maintenance issues since you will be taking care of those needs on your own now.
One of the biggest mistakes first-time buyers make is trying to buy a home without expert advice, and that help is waiting in the form of a real estate agent. Speak to an agent who can lead you in the right direction from the time of your first open house to closing day.