Buying your first home can be one of the most exciting, and downright stressful, of all your life experiences. Whether you are buying your first home on your own or as a couple, there are so many hurdles to overcome and pitfalls to avoid you may often wonder why you are bothering! For example, who knew there was such a thing as a homeowners association attorney? See below for a few more things you may not know about buying your first home.
Not All Mortgage Deals are What They Seem
Ideally, you should visit so many mortgage brokers to get the best deal that you will feel as if you are speed dating! They all look great on paper but when you look at the small print you can see there are a lot of hidden charges. The old saying “if it seems too good to be true it probably is” could have been coined for mortgage deals. Matching your credit with the best possible deals is essential so do your homework and take no offers at face value.
Budgeting for Transitional Costs
So everything is set to be settled for you to move into your new home on June 1st. You’ve given your notice to quit your rental home on the May 31st then something goes wrong and your big move is delayed for 3 weeks. For 21 days you are going to be homeless, what are you going to do? This is why you always have a transitional budget. Even if you find somebody to take you in what about all your goods and furniture? Storage isn’t cheap so even if you are sure it won’t happen put money aside for this just in case.
Don’t Dwell on the Superficial
Many a great home has been missed out on due to getting caught up in the superficial. So you aren’t a fan of the mustard backsplash or the green walls, these are ridiculously easy fixes. Move in ready means the home is in a safe and liveable condition. It does not mean done up to glossy mag standard. Look past the bits that are irritating you and see the full potential this home offers.
Your Home Inspection Will NOT be Perfect!
The whole intention of a home inspection is to find faults and problems, and they will do everything possible to locate them. Electric outlets that don’t work, poorly functioning shower drain, rotting window frames and a leaky roof are just some of the horrors these inspections can throw up. You have two choices when you get your report back; stick with it or run for the hills. You could ask the vendor to fix the problems with the proviso that you will continue with the sale. If they refuse you can walk away to find something better. How you handle this very much depends on how much you want that house. Your realtors negotiating skills will really be tested but they should get you the best possible result.
Always good to address the key points of the home, it varies for different individuals, but as long as they fit your needs, you’re good.
These are great points. I remember how stressed I was when we bought our first home!
Wish I had this kind of information when I bought my first home!
These are all important points. You need to make sure that you have a reliable inspector.
So many things to think about when buying a home. Most of these tips are good for any time buying a home.
The inspection part has always scared. What will they find? Is the estimate to bring it up to code anywhere NEAR what the real price will be? And the “fine print” with the mortgage…OMG! Thanks for this…I’m still in an apartment…