You can profit and learn from others who came before you when it comes time to buy your first home. Just because you are a newbie doesn't mean that you cannot avoid the following issues. First-time home buyer advice is everywhere, and some of it can seem like a record on repeat. The following information takes into account today's home buying challenges and serves as the cherry on top of common first-timer tips. Read on and find about some lessons others learned on your behalf.
Focus Your Search on the Right Price – It's common for first-time home buyers to be told to get pre-approved before they begin their search. Getting with a lender and figuring out what you can afford is a must-do and helps you to narrow down your search to affordable parameters. Unfortunately, the upper range of numbers may present some buyers with temptations beyond their means. Be sure to take your actual budget into account and figure out what you want to pay each month for your housing expenses. Basing your search on a pre-approval without taking your budget into consideration could be a mistake that continues to haunt your financial picture for a very long time.
Don't Dismiss the Issue of School Districts – Those who don't have children, don't have children in school, or are retired may think they can snag a real bargain by ignoring school quality issues in a given neighborhood. Unfortunately, it's a mistake to not think ahead to the time when you will want to sell your home. Preferred school districts can add thousands to a home's value, so don't leave that consideration off your list.
Consider Using Sweat Equity – Fixers are not for everyone and some first-time buyers want a home that is "move-in ready". If you are willing and able to do some home improvement projects on your own, however, you can save thousands of dollars on homes that need some TLC. While buying and fixing up a home that doesn't meet your standards can mean living with construction for a while, it can enable you to afford to live in that perfect location while you do so.
Look Beyond the Present Neighborhood – Just because your property backs up to a wooded area may not mean it will always be that way. Be sure to take look at the zoning for vacant land or you might end up with a large shopping center in your back yard. Any empty lots around you might end up being made into baseball fields or parks. If you have kids and don't mind, that's fine, but just be sure you know what might happen later on to your quiet home.
Speak to your real estate agent to learn more about any of the above or contact companies like the Real Estate Office.
