There are a lot of things to know when buying a home for the first time. A “buying your first home checklist” or buying your first home “for dummies” can be helpful. The steps to buying a house for the first time should be exciting, right? What to know when buying your first home is plentiful. But we can also talk about what not to do. Specifically when it comes to compromising… Let’s talk about five compromises you should never make when buying your first home!
Location is an important mantra for real estate investments. Location can cover so many topics and is very important. We’re talking school districts, shopping, recreation, etc. Maybe you want to be further away from the hubbub of a city… But one compromise you should never make when buying your first home is all about the location. First of all, the school districting is not just about your own kids. Obviously, if you have or are going to have children, yeah, you want a great school for them to attend. But when you buy a home, you’re contributing money to the nearby schools. Any time someone moves in to an area, money goes to the school in the district. In regards to recreation and shopping, you want something reasonably nearby. And working close to home is a huge plus when considering buying a home for the first time.
Does size matter?
The second thing that you want to think about is if size really matters to you. A lot of people seem to picture their dream home having a lot of space. But, how much space do we really need? If you’re not having a big family and don’t have a bunch of cars and stuff… Consider choosing a home that meets your size needs instead of your “visionary needs.” This is part of the “buying your first home checklist.” Don’t compromise on size if you do want something bigger, though! Knowing what your own needs are is important and size is one thing that’s difficult to change. Adding on to an existing home can be costly. It can be impossible if the building code is strict or the land around you is minimal.
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Let’s talk Disclosures
The third of the compromises you should never make when buying your first home are disclosures. All too often there’s so much going on that you don’t want to take a moment to read the disclosures. If the seller’s reporting structural foundation issues with that property, you need to know. Maybe there’s a hole in the roof. A seller probably wouldn’t be mad if you missed something in the disclosures. But these aren’t written to be tricky. They are written to be informative and they are important to know when buying your first home. If something needs to fixed, you either decide whether to ask for a discounted price or take it as is. It’s part of the “buying your first home checklist” that you don’t want to ignore.
The Health of Your investment
If you are going to be part of a Home Owners Association, you want to make sure it’s healthy. The health of your HOA is about money and how well they manage your monthly fees. Let’s take a look at an example…If you’re buying a high rise and the HOA isn’t strong enough, they could levy what’s called an assessment. Let’s say that they want to put new windows on a building. If they don’t have enough money in the reserves; they’ve got to get the money from somewhere. And they’re going to get it by levying an assessment unto the resident. All the other residents are going pay for those windows. Now this isn’t necessarily a bad thing. But it is something for you to know about. If they have plenty of money and use it wisely; great! But you will want to notate what other residents say and how they are reviewed online.
Homes Come with Amenities too
And you do not want to compromise your amenities. Now, you may not get every single thing that you want in your new home. But there will be certain amenities that are extremely important to you. If you want outdoor space or a walk in closet… Don’t let anyone tell you to choose the option without it. You at least have to give yourself something to work with. Wanting a BBQ area for friends and family just won’t work with a small condo balcony. And it’s not something you can add on. Having a nice kitchen is one thing, for instance. Getting granite countertops is a plus! Maybe there’s a few great accessories in the home that the owners would like to sell separately. Don’t forget that you can negotiate those in to the deal. The point is that you deserve to get the things that you want to have. Get a great agent that will work with you, negotiate with you, and understand you. These are just some of the compromises you should never make.
USDRE Guide to Buying a Home
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