First Time Home Buyers Guide: Get it Right the First Time

First Time Home Buyers Guide: Get it Right the First Time

Buying your first home is a very exciting prospect, but it can also be a little bit scary, Purchasing your first home is an investment into your future but you want to make sure that you get it right the first time. Here are a few things to consider before you buy your first home.

Location, Location, Location

Before purchasing your first home take the location into account. How far will you have to commute for work, to shop, or to eat? You also want to look for a home in a nice, low-crime area, with good schools. If you don’t have kids now, or even if you never plan to have kids, you still want a neighborhood with a great school district because it will boost your home’s resale value down the road.
Consider the Neighborhood

This is a little bit different than the location your home is in. There are different types of neighborhoods. Some neighborhoods have homeowner’s associations and many of those have fees and fines associated with them as well as a list of rules governing neighborhood specifics. These specifics can be anything from house color, what type of flag you can fly or how high the pole can be, to how you are expected to decorate for Christmas.

If you don’t want a lot of rules for your neighborhood then a neighborhood with a homeowner’s association might not be for you. If you do choose to move into a neighborhood with a homeowner’s association make sure that you get a list of the rules and read them thoroughly before purchasing the home.

Stay Within Your Budget

You already know how much money that you have been pre-approved for by your mortgage lender. Realize that, that is the most that you can spend but that is not how much you have to spend. Also remember that until you move in, you won’t know how much your monthly expenses will be. You also need to budget for the unexpected like a dishwasher that goes out, or a roof that needs to be repaired. 
Take Advantage of Open Houses

You can of course always schedule an appointment to see a home with your realtor or the homeowner, but take advantage of open houses when you can. During an open house, you are generally free to roam around and check things out throughout the home. Open houses are also an excellent opportunity to find out more about the home. Ask questions about things like when was the roof last replaced, or how old the heating and air system is.

Get a Home Inspection

Before you sign the papers at closing make sure that the house is inspected thoroughly by a licensed home inspector. If possible attend the home inspection and ask questions about any concerns that you have. While the home inspector will never just come out and tell you not to buy a house you can read through their inspection reports, and ask them questions to find out if the home is in good shape or not. If your home inspector does not check for mold, termites, or other pests, you may want to have a professional come in and check for those things as well before closing.

These are just a few of the things that you should take into consideration before purchasing your first home. You want to make sure that you get it right the first time so that you have no regrets later. Purchasing your first home is a long-term commitment and you want to make sure that you are happy with your decision for years to come.