There are a lot of steps to take when you decide to buy your first home. The process can be overwhelming with many things that need to get done. Some first time homebuyers wish they did things differently. Take a look at this list of the top things first time homebuyers wish they knew before the bought a home.
Start Saving ASAP
Once you decide that you want to buy a home, start saving some money. Many people said they wish they didn’t spend all their cash throughout the process. There are extra costs with buying, but in addition to that, you should have enough saved for a 20% down payment on the home. If not, you will likely have to pay for mortgage insurance. Even if you don’t plan to buy right away, but would like to do so in the future, set aside some cash - $50 or $100 a month - into a new home fund. You should also try to save some money to build an emergency fund. When you own a home, you suddenly have a lot more real estate to take care of than you may have been used to. Between home repairs, utility bills and yard maintenance, things can add up quickly. Saving some cash now for the down payment and creating an emergency fund will greatly help you in the future.
Pay Attention During The Home Inspection
Having your home inspected before you buy is very important. When it is getting inspected, it’s essential to pay attention and walk through the house with the inspector. Pay close attention to all of the little details as you go through each of the rooms. It doesn’t hurt to come back without the inspector and check out all of the property with a friend or family member. Especially if you have fallen in love with the home, they might be able to see things that need to be repaired that you have overlooked due to being so excited about it. The details matter and you’ll be glad you did the inspection if you find something! You may even be able to ask the seller for a credit to repair it.
Don’t Compromise On Important Things
When it comes to buying a home, you’re likely to have a pretty good idea of what you want. When it comes to actually finding something that is affordable, you might have to compromise on some things. It’s important to know what you should compromise on and what you should stick to. If you know that you want to have kids someday, don’t settle for a 2 bedroom - buy a 3 bedroom. Likewise, if you don’t like living really close next door to your neighbors in your apartment, don’t buy a condo or a house that has no yard.
Talk To The Neighbors
Talking to the neighbors can save you a lot of trouble in the long run. Make sure to ask how they enjoy living in the neighborhood and if there have been any problems over the last couple of years, including if other neighbors causing trouble for the whole community.
Don’t Go Furniture Shopping Right After You Move In
I know you may be thinking that you have a ton of space so you should fill it up right away, but the smarter option may be to wait. If you take your time and look around for furniture, you may be able to save a good amount of cash. You might find an awesome furniture sale or even something on Craigslist that fits your needs, but if you buy all of the furniture right away – you might miss out on something you really love for a fraction of the cost.
