The Fundamental 5 for First-Time Buyers
If you’re ready to take the leap of purchasing your first piece of property, there are a few fundamental factors regarding what to consider before buying your first home. As one of the most important financial decisions you’ll ever make, it pays to be prepared to ensure the house you buy today will be the home you love for years to come.
Here Are 5 Things You Need To Know Before Buying A House.
1. Purchase with a Long-Term Plan in Mind
If you’re at the point where you’re ready to purchase your first property, chances are, you’ve already experienced meaningful changes in your personal and professional lives. An important factor when thinking about what to consider before buying your first home, is whether or not the property will suit your lifestyle in the next 5 to 10 years. Consider whether or not you’ll be at the same job, if you’ll have a partner you’ll want to move in with, the possibility of having kids, and if you want the freedom to travel. While you can’t perfectly predict the future, planning ahead can save you stress and financial strain in the long run.
2. Never be Afraid to Negotiate
As daunting as buying your first house can be, there is a certain level of confidence you need to have to ensure you aren’t taken for a fool. Throughout the entire home-buying process, you’re going to be signing a lot of papers...like, a lot of papers. And while most of these papers present themselves as standard contracts with no room for negotiation, this rarely is the case. Take all the time you need to alter and enhance your contracts, and when in doubt...
3. ...Partner with a Trusted Realtor
Remember that the seller is always the party who pays the realtor commission. So, partnering with a professional realtor can help protect your interests. As a first-time buyer, having a realtor to guide you through inspections and negotiations can not only help save you money, but also guarantee that the home you buy is worth your every buck.
4. The Purchase Price isn’t Your Total Cost
Owning a home comes with a long list of extra external expenses. When budgeting to buy your first house, you’ll need to factor in the costs of insurance, real estate taxes, homeowner association fees, and even maintenance and improvements. Being comfortable in your home goes beyond sipping your morning coffee with a nice view. Ensuring you are financially secure for years to come is one of the best feelings for first-time buyers.
5. Buying a House is not for Everyone
One of the most worthwhile things you need to know before buying a house is whether or not actually buying is the best option. Putting social pressures aside, renting a house may suit your lifestyle and pocket better than buying – at least right now. If you’re on the white-picket-fence about buying your first property, why not rent a house to test drive the experience? Not only will this help you preserve your finances until you’re certain buying is the right choice for you, but renting also enables you to remain mobile until the roots you want to put down take to the soil beneath.
If you’re looking to purchase your first property, Broker One can assist you in understanding all of the things you need to know before buying a house. Give us a call or send us an email to learn more about what to consider before buying your first home.