Homebuyer Confessions | 6 Things I Wish I Knew Before Buying
The prospect of buying a home for the first time can lead some future homeowners to gloss over the necessary aspects of getting a good deal. While what you want in your house is essential, you will need to keep in mind a few other elements to ensure you can buy a home that meets your necessities without harming you in other areas. Check out these top homebuyer confessions.
Get an Inspection and Expect Issues
No matter how beautiful a house seems, there will likely be something wrong with it. By getting a home inspection before purchase, you can figure out issues that the previous homeowner or sellers did not know about. Perhaps the house has thin insulation that could make the winters harsh in your region, or the bathrooms have outdated plumbing.
An inspector can tell you how to amend these problems to keep your home running in all seasons. You may wish to do some solo inspection by asking the old homeowners for images of the house in different seasons. That way, you can prepare for issues like getting snowed in or flooding.
Get a Home Warranty
Make sure that your dream house comes with a warranty. While an inspector should find most issues, you might encounter a faulty appliance somewhere down the line. Since homes are an enormous investment, there’s a chance you cannot afford a replacement. If you get a home warranty, then you can get some household repairs covered, saving you a load of stress.
You can purchase the warranty yourself or add it during negotiation. It may seem scary to add an extra monthly payment to your mortgage, but a home protection plan will pay off in the long run.
Explore Loan Options
You do not have to put 20% down to buy a new home. There are countless loan programs available that could let you pay as little as 3.5% of the total cost. It’s far easier to save for 3.5% down on a home than 20%, so you can move into your dream home sooner.
First-time buyers have a few advantages in the loan approval process. If you have a strong credit score and contact a reputable financial institution, you can find the perfect program; however, some banks make the process challenging and convoluted. Applying for a government-endorsed loan program will help you get a low-interest loan with down-payment assistance. Some programs will even help you get a loan with a low credit score!Getting ready to buy a home? If so you won't want to miss these homebuyer confessions and the things they wish they knew before buying a home. #homebuyer #realestate
Check Out the Neighbors
Whether you’re a hermit or a social butterfly, you’ll want to live in a neighborhood that accommodates your preferences. Chatting with the neighbors can offer an idea of the general vibe of the region. Also, looking at nearby stores, restaurants, parks, and other popular destinations can show you what you can expect to get out of living there.
Asking your potential neighbors about the community can provide insight into the previous homeowners, the street’s social life, exciting locales, and other useful information. You can simultaneously learn about their personalities and your compatibility as friends or neighbors.
Look At the Foundation
The latest digital fridge may seem like a compelling reason to buy a home, but if the power goes out, what does your house have to offer? When browsing, sneak a peek at the roof and ask about its age and condition. While you’re at it, check out the HVAC system and appliance quality. Also, ensure that the grounds surrounding your home are at a decline from the foundation to prevent flooding. While the home inspector will inspect these items knowing the age and history will help determine life expectancy or foreseeable issues.
Even if you’re on a tight budget, a fixer-upper is unlikely to be your best option. These cheap houses lack much of the essential commodities like heat and running water. Saving money in the short-run may add up long-term as you upgrade the home to meet your needs.
If you have some expendable income and a passion for home renovation, you may wish to buy a fixer-upper. You can customize it as you want, and many of them are structurally sound. We do warn against buying a house with a failing structure. It will become a lot more expensive to repair the walls, ceiling, and floor than to install some working appliances, so figure out just how much work you’re willing to put into your house.Getting ready to buy a home? If so you won't want to miss these homebuyer confessions and the things they wish they knew before buying a home. #homebuyer #realestate
Finalize Your Needs
The last tip we have for new home buyers is to know your requirements. Maybe you’ll want kids someday, so you’ll need a place that can be baby-proofed. Depending on how many people will live there, you might want a more extensive driveway. Check that someone could not break into your home with simple tools. You may need to get new locks or install a home security system.
Also, try to pick a home that costs less than your maximum budget. You will need to pay for utilities, mortgage, moving expenses, appliances, furniture, and possibly repairs. The expenses can add up quickly.
The homebuyer confessions above are a few things to remember when looking to buy your first home. If you get a home warranty, hire an inspector, inspect it yourself, exhaust your options, and check out the neighborhood, you will be able to buy your first home confidently and with ease.
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About the Author
Top Wellington Realtor, Michelle Gibson, wrote: “Homebuyer Confessions | 6 Things I Wish I Knew Before Buying”
Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell, or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.
Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more.