Essential Tips for First-Time Homeowners
As first-time homeowners, the entire home buying process can at times feel slightly overwhelming. You don’t always know what to expect and where in the process you can expect it.
Even if you have been dreaming of what you would like your house to look like and the features that you want included in your home, it does not mean that you will find them all under one roof. For that reason, the first thing new homeowners should determine is where they are and are not willing to compromise.
To help homeowners along the way, here are 4 tips to getting started:
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Set Your Budget (and Stick to It)
As you determine what you can afford, homeowners will want to look beyond only what your mortgage lender says. Yes, your lender is looking at your finances to determine what you should be able to afford, but that is only what you can afford “on paper.” This number does not necessarily mean that is what you can afford in real life.
Understand that there are many expenses that come with homeownership that are not incurred when you are a renter. Expenses like property taxes, utilities, lawn care and HOA fees all add up fast.
To be successful, calculate what your expenses will be and how big of a mortgage you can realistically afford.
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Prepare for Maintenance
Maintenance is always an area that new homeowners drastically underestimate when budgeting. Repairs and maintenance costs can add up to a lot of money.
If you are not handy enough to handle making household repairs (and/or if you don’t really care to learn how to do so) you might want to consider buying a newer or recently renovated house, or even a new construction.
While these newer homes will come with a larger price tag, you should save money when it comes to the amount of repairs that will need to be made.
With that being said, there will always be a need (and cost) for performing regular maintenance. You will want to stay on top of these repairs to avoid having major problems in the future.
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Room to Grow
As first-time homeowners you might be considering buying a starter house. At this point in time, you might not really need that much room. But, even if you only plan on staying for a short time, plenty of life changes can take place.
If possible, homeowners will want to make sure that the house you are buying has some room for you to grow into should your situation suddenly change.
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Location, Location, Location
“Location, location, location” holds especially true for new homeowners. When choosing a house to buy make sure you take into consideration the activities you like, where you like to visit and where you work.
It can be easy to convince yourself that an hour drive to work each day is not an issue if you love your house. But once you are living there and spending two hours out of your day commuting back and forth to work, you might come to a different conclusion.
First-time homeowners will be well served to keep these tips in mind during your new home search. With such a large purchase you want to trust that you are making the right choice.