Unfortunately, in life, most lessons are learned by doing. For example, no matter how many times you try to warn your children about something, the best lessons learned are frequently when they go through something themselves. The same can be said for home buying and home selling.
Buying your first home will be a learning experience, to say the least. Hopefully, with the following tips and suggestions, your first home buying experience can be more pleasurable because you’ll know (at least somewhat) a few of the lessons ahead of time.
Does the House Need Major TLC?
Some individuals attempt to save money by purchasing a house that needs a good amount of work. And for some people, that’s a great idea. Make sure, however, that you ask yourself the following questions before buying a fixer-upper:
- Do you have small children? How about a lot of disposable income? Small children take up a lot of time and work. For an endeavor such as this, you’ll need to have unlimited money and time at your disposal.
- Are you ready to give up your weekends? Are your friends and family willing to give up their weekends so that they can help you?
- Are you married to, or in a close relationship with, a contractor? All kidding aside, it’s the best way to get a good deal on a contractor and be sure that you can trust them.
While HDTV shows a lot of educational and entertaining programs, remember that – unlike the builders and fixer-uppers on that channel – you will not have an entire team of buff handymen at your disposal (in all likelihood). This entire project may well entail just you and a friend, a partner, or a relative.
How Many Bedrooms Do You Really Need?
Try not to sweat the small stuff – i.e. showerheads, flooring types, skylights, etc. What do you need in a house that will allow you to sleep well at night? What are the basics when you look deep down inside yourself? If you buy, will you be house poor? How is the commute to and from work or school? If you have children, is the school system decent?
You may start off by looking at houses with three bedrooms and two or more bathrooms. What you could end up looking at, however, is one bathroom and two bedrooms. We’re talking about a difference of up to $100,000. Don’t buy to impress. Buy what you need.
Is There a Better Deal Out There?
This doesn’t necessarily refer to the home itself, but to the mortgage. With a mortgage broker, there is almost always a better deal to be found. Do your research, trust your gut, and go with a broker that you know you can put your faith in. Do some homework, read some reviews, and talk to people that have gone through what you are about to go through for references.
Biggest Lesson – It’s All Worth It, After All
It seems like a lot to take in. But after all of the expenses, tribulations, trials, annoying nuances, etc. involved in buying a home, when all is said and done, it will be well worth the effort. There is nothing quite like being the proud owner of your very own home. It comes with a lot of responsibilities, yes. But it also provides a sense of pride, belonging, self-worth, and more.
One of life’s little home buying or home selling lessons could well be that with a reputable realtor, such as N.J. Lux Real Estate, the entire process can go far more smoothly and be considerably more enjoyable than trying to sell or buy a home on your own. We are here for you. Contact us and allow us to assist you in your home buying or home selling endeavor.