Mistakes to Avoid when Buying a Home for the First Time by Anna Gerlants

Anna Gerlants

Even buyers who are on their 3rd, 4th or 5th home make mistakes, sometimes ones that can’t be fixed.  They buy a home too far from work or they find their children are going to have to take a bus that will pick them up at 6:30 in the morning to school.  It is so easy to fall in love with a house and forget some of the issues that must be considered.

If you are searching for your first home, it is even harder to think of important questions.

Failing to Ask for Help from the Experts

Asking for help from an expert like Anna Gerlants will help ensure that your best interests are being looked out for.

  • Anna always sees to it that her client’s vision is always at the forefront of the whole home buying process.
  • She will ask questions and give advice that serves to help you make the best decision.
  • Two heads are always better than one.

Ignoring Location

For example, first time home buyers forget how crucial location is when choosing a residential place

  • It is important to know what kind of neighborhood the location has. Is it an increasing value area or are values stable?  This can make a difference depending on your age and your budget.
  • One must also check whether the location of the home allows easy access to supermarkets, other stores, the children’s school, or your workplace.
  • It is also necessary to check the availability of transportation in the area. Do your kids have to take a bus to school?  How far away is the bus stop.  If it is more practical to take public transportation to work, did you look at train, bus or subway schedules? Maybe you prefer to spend only few minutes’ travel time to your kids’ school or your workplace.

Getting Distracted by Trivial Details

A first time buyer is easily attracted to a home because of the gadgets it has.  It is more important to look at the future salability of the property.  And what about the yard and neighboring properties?

  • Avoid being lured by the looks of a shiny granite kitchen counter, the attractive wall paint color, and stainless steel appliances.
  • You have to check deeper and see if these things merely hide the problem areas of the home.  Is the plumbing working properly? How about the electrical system? Are outlets at logical places?  Are outlets conducive to working outside? An inspector can help you with these thi  In fact he might help bring important things to mind that you never considered.
  • What about the yard? Are there sidewalks so you don’t have to walk in the street or on other people’s property?

A Future Perspective.

Think about the Possibility of Selling in the Future.  If there comes a time when you need to downsize, will it be possible to sell your home at a good price then?  Think about the future when the kids have already grown old enough to have their own homes and families and won’t have time to help you like they did when they were home with you.  Consider that the kids might end up moving far enough away that they won’t be able to get home to help you.

  • Consider the location of schools as your kids grow from preschool to grade school to middle school to high school. Are there schools nearby they can attend?
  • Do you have kids who will be in high school or college after three or five years?
  • Do you have plans to move to a new job after a couple of years and if so, will the house remain suitable by then? In fact, might it been the wrong place?

If you are moving into your first house, it is important to consider if you expect it will be your home for a long time or if it is a stepping stone to a larger house in the future.

  • Keep in mind that you may be using the home for years as your place of residence. This is where you will do most of the household or family activities. Will it work for the kind of things you want to do there?.
  • If you plan to stay there, you must check every part of the house that is likely to be put through a lot of use or wear over time. Some of the places to consider include the roof (check its overall age and condition), the kitchen, and the plumbing.
  • If the house is a starter home, it requires that you look at the roof, furnace, hot water heater to be sure you won’t soon be replacing them, but, otherwise, things are less important so long as you will be comfortable there and the property is salable.

Down Payment

There is an old saying that “Cash is King.”  Young people buying their first house may have good jobs yet at this point in their lives they may be can poor. This is especially true if they have small children.

Older buyers are more likely to bypass their agent’s recommendation and make a low offer thinking that paying in cash will increase their chances with a seller.  The biggest benefit of a cash sale is that it closes more quickly since there is no need to wait for the bank to verify employment and other qualification information.  Cash may not be King, in fact, cash may not even be possible. That’s where Anna Gerlants comes in,

  • That’s why you need an agent to help you get the best deal for your purchase.
  • Agents possess the right knowledge and experience in negotiating.
  • There are loans such as FHA, VA or MSHDA loans, that are set up for use by people who have small down payments. It may be necessary to go this route as a step toward the day when you will be able to make a larger down payment,
  • A small down payment means bigger monthly payments that will endure as long as you own the home. Refinancing can be expensive, but may be worth considering if equity in the home is growing rapidly.
  • Lower down payments than 20% add extra cost you must pay in order to borrow money.
  • A larger down payment helps you weather the storm of a declining market.
  • A larger down payment will leave you with more equity when you decide to sell.

Final Thoughts

Always plan ahead so you don’t regret your decision.

Think about the important things – not only the present, but the future. Think about what you can fix and go for the structure and stability of the house before you go for the gadgets.  You can always make the home yours by changing the paint, carpeting or light fixtures, but. You can’t improve on the building structure!

Anna Gerlants

Social media & sharing icons powered by UltimatelySocial