Remorse is a common feeling during home buying. For a first-time home buyer, pitfalls trap for those unprepared. Fortunately, there are many things you can learn from making mistakes. Far too many buyers fall in love on a home only to realize after moving in that they overlooked something major often leading to buyer’s remorse. Although some may still be happy with the purchase overall, there are definitely a few things they wish they would have done differently. But as we often hear, you live and you learn.
Let’s look at the most common traps first-time home buyers fall into. Trying to learn from these mistakes will prove helpful to anyone else going through the home buying process:
START A FUND FOR MAINTENANCE
Buying a house is made up of recurring expenses. Maintenance costs should be factored into your estimated monthly payments. Any of these things from furnace, roof, air conditioning, water heater, stove, dishwasher, fridge can fail and needs maintenance. Same goes with plumbing, electric, gas lines, phone and cable that can get messed up anytime. You need to least have a budget to handle these costs.
CHECK THINGS OUT YOURSELF DURING THE HOME INSPECTION
Always inspect the home on your own and pay attention to the details. When you’ve fallen in love with a house, it’s easy to overlook things. Failure to explore the entire property might get you to overlook some unexpected repairs needed. Otherwise you will be spending your weekends as additional workdays fixing and replacing things that broke.
DO NOT RUSH INTO BUYING EVERYTHING AT ONCE.
You are too excited about your new home that you immediately want to buy the perfect furniture to make it come to life. Well, save up until you can afford what you actually want instead of buying furniture just to fill a room. So even though it may be tempting, make sure you don’t jump the gun.
DO NOT WASTE ON MORE SPACE THAN YOU NEED.
People always want more than they need and same goes with houses. Do not buy less than you can afford but also more than you needed. Some buyers buy larger homes with the intention of not ever moving again. Ideally, it is okay as it is always nice to have space where kids can roam around. But having lots of space that you can’t use can be a hassle for upkeep. Likewise, more space to heat and cool will also mean higher utility bills.
DO NOT GO UNREPRESENTED.
Buying a house without an agent can leave inexperienced home buyers open to unknown risks. Considering the complexities of the home purchase process, a knowledgeable real estate agent is, in fact, a great asset. Working with these expert agents will help to streamline the buying process from initial search through final settlement.