Your first home is among the most important – and potentially most expensive – purchases you’ll ever make. As such, it stands to reason that it’s not a purchase you’ll want to regret. Given how much capital the average home purchase requires, it’s in every homebuyer’s best interest to do as much prep work as possible before committing to buy. Failing to treat this purchase with due seriousness stands to result in considerable buyer’s remorse – which isn’t something anyone wants to feel when it comes to investments of this magnitude. In the interest of providing yourself with a pleasant, low-stress homebuying experience, make an effort to avoid the following mistakes.
Doing No Location Research
In many respects, the location of a home is every bit as important as the home itself – hence the reason so many investors and realtors live by the mantra “Location, location, location.” As such, failing to properly research the location of your first home is liable to result in considerable regret. Discovering major issues with a home’s location long after the sale has gone through is every new homeowner’s worst nightmare – which, fortunately, can be avoided with a little bit of effort on your part.
So, before committing to buy, do some research into what an area has to offer. For example, how close is this home to where you work and will living here make your daily commute longer and/or more stressful? Furthermore, what types of activities are there for residents to enjoy? People who love getting out of the house during periods of downtime often find it difficult to reside in areas that are bereft of things to do. In addition, it’s in every parent’s best interest to research the quality of local schools.
You should also research local property values, as this can provide you with a good idea of whether or not a seller is asking too much for a home. Additionally, you’d do well to research local crime rates. Even if a home seemingly has everything to offer, living in an area where you don’t feel safe can be relentlessly stressful. Old North State residents looking to purchase a quality home in a picturesque area should explore Boone real estate.
Failing to Insist on a Professional Inspection
There are many reasons you should avoid purchasing homes that haven’t undergone pre-purchase inspections. For starters, a pre-purchase inspection from a certified home inspector is essential for making an informed purchasing decision. No matter how thorough your personal inspections of the property have been, an official inspection from a seasoned pro is the only way to get a fully accurate assessment of the property. Furthermore, a professional inspection may be a perquisite for having the home insured. So, if homeowners insurance discounts are what you seek, don’t count on getting them in the absence of a formal inspection.
A pre-purchase inspection can also provide you with a stronger hand at the bargaining table. For instance, if an inspection turns up issues with the property that had previously been undisclosed, you may be able to request that the cost of repairing said issues be deducted from the seller’s asking price. So, after receiving the results of the inspection, take care to obtain work estimates from various contractors, as this will give you an idea how much of a price reduction to ask for.
Not Considering the True Cost of a Home
Being able to afford a certain home doesn’t necessarily mean you’ll be able to maintain it. For example, if you hastily agree to the terms of a mortgage loan you can’t comfortably afford, you’re liable to place a tremendous strain on your monthly finances. With this in mind, make sure to consider the short and long-term expenses associated with owning a home before committing to purchase. Factors to take into account include monthly mortgage payments, property taxes and utility costs.
For as much excitement as buying your first home can foster, it can also bring about an equal amount of regret. Needless to say, the latter is the last thing one wants to feel when buying something as expensive as a home. Fortunately, by doing your best to avoid the missteps outlined above, you can set the stage for the ideal homebuying experience.
