Don’t Forget To Consider These Things When Buying Your First Home
There seems to be very little—if any—chance of escaping buyer’s remorse. So many things can go wrong or slip through the cracks that most people have regrets. However, some stand out more than others, which is why we’ve compiled a list of first-time homeowners’ biggest headaches.
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1. Getting The Wrong Home Inspector
You might think it’s a good idea to go with the company your realtor recommends, but that’s not always the case. Do the research, read the reviews, and ask around. Inspectors can really make or break your purchasing experience.
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2. Maxing Out Your Budget
It’s all well and fine to want the maximum dollar for your purchase. However, some homeowners regret not shopping smaller, allowing leftover money for renovations. Save yourself the hassle and leave room for change.
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3. Forgetting To Get Pre-Approved
A lot of mortgage companies pre-approve your loan based on income and credit score, giving an idea of how much you can spend. This simple step stops you from accidentally looking too far out of your budget.
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4. Skipping The Final Walkthrough
Especially in the case of foreclosures, it’s important to take any opportunities for final walkthroughs. Sometimes disgruntled homeowners or renters will take any chance to leave a nasty surprise. Don’t skip such a crucial step!
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5. Buying With A Partner
Sometimes you think you’re in love and that things will last forever—but people often regret who they purchase their home with. Sadly, there’s no way to avoid this, so try your best to make sure you’re happy.
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6. Long Commute
It’s easy to assume that an hour-long commute each morning won’t wear on you. But unless you’ve already gotten used to it, you might want to reconsider signing up for such a daunting time-suck.
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7. Wrong Size Home
Large homes look great up front, but unused dust-laden rooms are quite the hassle. The struggle is equally real for houses that are too small, forcing you to cram your stuff into storage rentals. Try to think reasonably about the size of your home.
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8. Not Shopping For A Mortgage
Just because one bank has all your business doesn’t mean they always have your best interests. Consider shopping around with various banks and mortgage brokers to ensure the best loan for you. Remember, this is your money at stake.
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9. Forgetting About Closing Costs
It’s hard to think that people would charge you hundreds or thousands of dollars to legally finalize things but it happens. We strongly recommend learning about these costs upfront so they don’t catch you off guard.
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10. Emptying Savings
Having at least a 25% down payment does excellent things for your mortgage rates—but depleting all your money is the worst idea. Things happen with new homes, and in life, so having some sort of savings is crucial to making it through unscathed. We repeat, do not deplete your savings!
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11. Forgetting To Ask About Utility Costs
Every home on the market has a record of utility costs for the last year. But it’s easy to forget about this small detail when looking at your budget. Don’t assume these bills are the same everywhere.
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12. Trusting the “Professionals”
Don’t always assume your realtor, lawyer, or mortgage broker knows best! It’s easy to fall into a dark pit of misplaced trust, but plenty of professionals are only in it for the paycheck. If something sounds fishy or confusing—do the research and ask the questions.
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13. Buying A Fixer-Upper
Unfortunately, the housing market isn’t good enough for everyone to get a turn-key home. However, if your handyman skills aren’t up to snuff, try your best to find one. Leave the repairs to those equipped to handle them!
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14. Not Fixing Or Altering Right Away
When you do buy a fixer-upper, stalling on renovations only makes them harder. Now that you’ve moved in, you’re rearranging furniture and getting drywall dust or paint on everything. If you can, we recommend doing these fixes first.
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15. Living With Popcorn Ceilings
This trend from the 1940s lasted far too long but still remains in many homes today. Those bumps and ridges of the ceiling collect dust. Do yourself a favor—scrape and repaint those ceilings before all your stuff is in the way.
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16. Too Much Maintenance
No one thinks about the maintenance of pools, extensive landscaping, furnaces, or even central air units. Check in with previous owners and research all the ways you can keep your new home in top shape.
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17. Not Paying Enough Attention To Layout
You bought a house and it’s time for renovations! Only… you spotted that hidden staircase too late and only just now realize that a chimney impedes your plans to open up the space. All we’re saying is, make sure you look at the realities of any potential renovations before buying.
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18. Not Having Enough Land
If you previously lived in an apartment or otherwise small space, an acre of land hardly seems small. But what if you want to do farming or need a large space for dogs to run free? It’s worth considering what you want to do with the land before settling on a yard that might be too small for you.
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19. Bad Neighbors
Gone are the days when being neighborly is a social expectation. People live busy lives and often forget to consider those around them. Sometimes you get a neighbor you don’t get along with, and while you can’t avoid them, it’s definitely a regret.
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20. Impulse Purchases
Whether you’re looking at your first home or your fiftieth, it’s easy to cave from pure excitement or exhaustion. Whatever you do, try not to give in! Impulse purchases usually end up being the ones you regret the most. Don’t let realtors or homeowners pressure you into making split-second decisions—either they let you take your time (within reason) or you walk.
