Buying a home, especially for the first time, can be a daunting task because there are so many details to pay attention to.
Buying a house is a huge decision and one of the investment milestones in life. Doing it incorrectly or making mistakes during the homebuying process can easily lead to higher expenses and decisions that you may regret later.
We made this guide to highlight some important things you need to know before you buy a house.
- Build an emergency fund first
Many first time home buyers get excited about achieving their home ownership goals (I mean, how can you not?!). When buying a property, it’s common for people to only set aside their investment for buying the house but not for the additional expenses that come with it.
It’s important to ensure that you can pay for these expenses in addition to the funds required to make an offer on a property. It is recommended that you set aside [X amount – Dan fill this in for how much first time buyers should have set aside for additional expenses] for maintenance, fees, renovations if required etc. You don’t want to incur extra debt on top of a mortgage just months after getting your first house.
- If you have the means, look for that dream property you want.
Many first-time buyers become overwhelmed by the higher prices in a sort of sticker shock even though they have the funds to afford the higher prices. Figure out what your budget is and what your ideal property looks like to see how they align.
It is possible for first time buyers to get the home of their dreams right off the bat. Don’t downplay what you want in a home just to save money. With the right location, budget, amenities and property features, you’ll sure to find a home that you love.
- Buy a house just enough to suit your need for space
People can get easily enticed by large backyards or the number of rooms a property has. Just remember you don’t need four bedrooms and four bathrooms if you live alone or with a partner.
Don’t get tempted by how impressive a house is if it’s way too much for your needs. Focus on the amenities you only need for short term and eventually, as your needs change you can add on to your property or find a new home that suits your changing needs.
Comparatively, if you have a family, make sure that there is enough space for your family to grow up in the house. Be sure to buy a home that is comfortable and spacious enough for everyone. This way, you and the members of your household will get to enjoy an exceptional quality of life without splurging your whole investment away.
Then once you own your home with the right amount of space, check out these tips on how you can spruce up your new home to reflect you and your family.
- Negotiate the offer
Negotiations are part of the home buying process. When working with a real estate agent, it is part of their job to help negotiate an offer that you’re comfortable with and can be competitive in a multi offer scenario.
Buying your first home is an exciting part of your life that will forever be etched in your memory. For that reason, you want to make sure you’re making the most out of it, and you’re not setting yourself up for mistakes during the process. By keeping these things in mind, you can have an exceptional first-time home buying experience.