First time home buyers can find the house hunting experience to be somewhat intimidating. The process of making an offer is even more overwhelming and first-timers begin to question whether they chose the right house, if they will hate the place after a year, and what to do if a more desirable property becomes available after they've already submitted an offer on an alternate home.
There is no house buying formula that is suited to all buyers, however Lang Premier Properties is happy to assist any buyer, first-timer or otherwise, in the house hunting process in order to help buyers avoid big mistakes.
Lang Premier Properties present six homes that first-time buyers should avoid:
1. The cozy
As a first time buyer, you may not yet have children. Perhaps you have no itentions of ever producing offspring, however the best laid plans are always subject to change. Avoid anything with a description including verbage such as "cozy", "tiny", "historic", and "one-car garage". Unless you wish to start this process all over again much sooner than you ever expected, try to think ahead. Consider the kind of life and/or family you hope to have in five years. You will likely find that a "cozy" home would not be condusive to your future lifestyle.
Perhpas you are a newlywed. Please, please, please, for the sake of your children, do not buy a two-bedroom home. Your kids will wind up in therapy due to the forced sharing of a bedroom and will likely resent you for all eternity. Okay, maybe that is a bit extreme. Consider a three-bedroom home. Three bedrooms are pretty standard in most homes and you will not regret the extra space should you and your soul mate decide to limit reproduction to one little angel.
2. The drainer
Don't go after the largest house for which you are able to qualify. Perhaps it is just you or just you and your partner at the moment. While it is wise to prepare for the future, don't go overboard with the five bedroom mini-mansion. Yes, you might have four children one day. In the meantime, you will be responsible for an exhorbitant mortgage, draining every penny from your checking account. Try to find a happy medium that is in keeping with what you can reasonably and financially handle.
3. The money pit
While fixer-uppers have long been considered trendy, it is quite easy for first time home buyers to get in over their heads. Unless you are Bob Vila, be very cautious of the amount of rehab you go after. Fixer-uppers often presented as needing only a few projects in order to bring the home up to par, however such projects can have an onion-like effect. Once you start peeling back the layers, you discover more layers of work to be done. This is when the money pit effect takes place, often draining finances and causing buyers to go broke in their efforts to create the home of their dreams.
Try to stick with a smaller rehab home where you can realistically see the light at the end of the tunnel.
4. The weekend waster
If you are not prepared to spend your weekends on basic home mantenance, avoid homes with tropical gardens, swimming pools, and other aesthetically pleasing features that will need countless hours of maintenance and attention. While pools and hot tubs with gorgeous landscaping are certainly appealing features, they are time consuming to maintain and can be financially draining. Make sure you consider whether you are up for this challenge both physically and financially before making an offer. Otherwise, it is time to move on in your search.
5. The broken dream
Ideally, you will occupy your first home for five to ten years. You will make various improvements to your abode in hopes of profiting from your efforts in later years in order to upgrade to a larger home. That being said, be careful not to look at every home strictly for investment potential. Regardless of your abilities to DIY with the best, tireless home improvements won't always carry the same value with future buyers that they do with you as the proud owner. In addition, homes don't always go up in price as owners wish, despite the grand improvements. Consider the market carefully and strategically prior to purchasing a home based soley on what you expect to financially gain from it upon future sale.
6. The impulse steal
If the deal is too good to be true, then it probably isn't that great of a deal. Perhpas you've located a real bargain buy. Congratulations! However, you might want to ask yourself why the deal is so amazingly awesome. Is the location all it's cracked up to be? You might be saving mega bucks now, but will likely encounter some major problems when you attempt to sell your bargain basement in a few years. Try to select a home that is situated in a prime school district within a fiscally sound municipality.
"I'm never having children", you say. "I can handle the 'hood. I know how to defend myself", you say. That's great! For you. However, you have to think realistically and practically about the future. This is your first time and you will likely not spend the rest of your life in this particular house. If you do, it is even less likely that you will be living there alone. Future buyers will care about school districtis and low crime rates. If you are serious about selling some day, consider that you may be forced to significantly discount your home in the 'hood in order to unload the property. Don't make impulsive decisions that you will regret down the road when it comes time to put your first home on the market.
If you'd like to learn more about the home buying process, please don't hesitate to message Lang Premier Properties online or call us at 1-855-526-4466.