7 Things The First-Time Buyer Should Know - Part 2

4: Understand this isn’t your “forever home” The average homeowner will move about every 10 years based on changes in their life(promotion, relocation, family growth, empty nesting, retirement etc). So even though you want to find the perfect home, realize there will be a time for that home that has everything you ever wanted. For now you should make sure this first home takes care of everything you need. Above all, it needs to be within budget and fit your lifestyle and be in the right location. There will be a time when you can worry about that swimming pool, media room or chef's kitchen.
5: The School district your house is located: You may be thinking “I don't have kids, what do I care about schools”. But now that you realize you likely won't spend the rest of your life in this house, you want to understand all of the factors that make your home a wise, long term investment. For families, nearby schools are often one of the top priorities in their home search. Because of that, homes in great school districts maintain their value over time as buyers are more willing to pay that extra premium for them, while a comparable home in a poorly rated district will likely have a smaller buyer pool.
6: The condition of the market you are currently in: Have your realtor explain the market you guys are currently working in. In a seller’s market, there is more demand (potential buyers) than there is supply (houses). In those times you may see houses going under contract quickly and sometimes bidding wars between several buyers. A seller's market is not the time to try test the seller with a low ball offer, and you might not have the luxury of several showings or extended time to think about your decision. It will be important to have an idea of what you want before you and your realtor view properties because time will be of the essence.

Inversely, in a buyers market there are more houses for sale than there are buyers. You have more leverage as a buyer, more time to be deliberate and a better shot at getting that “deal” on your home. You must be aware that the type of market you are in can be different in different price points and from neighborhood one neighborhood to another.

7: Once under contract you NEED to get a home inspection and it is worth the cost: Bottom line, a house is probably going to be the most expensive purchase you ever make, you need to make sure you a making a wise investment. An inspection will cost an extra $300-$500, but it can save you from potentially buying into a money pit. The inspector will examine the entire house and alert you to issues you may not have seen when you fell in love with the house like mold $$ termite damage $$ a water heater on its last leg $$ or a shotty roof $S

Bonus: Expect, plan and save for unexpected maintenance: Even the most experienced home inspectors don't find everything, and even if they do eventually things around the house will need replacing. Several of those things you never had to consider while you were renting. Set aside money for that summer day your AC unit decides to go out or when you need to call a plumber. Additionally, do you have a plan to keep up your landscaping?


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