Tip #5: Don't Commit Before You're Ready
This seems obvious to most people, but it's worth repeating. Owning a home is a HUGE commitment and it's an expensive one as well. So before you start your search be realistic about the changes that are going to take place in your monthly housing expenses. If you're not sure where to start look at the costs of property taxes, homeowners insurance, and HOA fees. Carefully evaluate your financial and your personal readiness.
Tip #4: Location versus Space
Try to figure out what your priorities are, what is most important to you? Knowing what you want from the onset will help you to be more realistic about your options. For example, you might decide that you want a larger space for entertaining but that will most definitely be harder to find within a populated city. Or are you willing to sacrifice space in order to be closer to the nightlife and restaurants in the city?
Tip #3: Don't Overlook the Landscaping
Often people tend to focus on the interior repairs and improvements forgetting that their new home comes with an exterior as well. Make sure that you are happy with BOTH. Sure you might be a DIY weekend warrior but keep in mind that exterior repairs can be just as costly as interior repairs or even more so.
Tip #2: School District WILL Affect Home Value
Even if you don't have kids this is worth checking out. Good schools means a higher property value, and most likely a better neighborhood overall. Another benefit? Your home is likely to do well in resale because good school systems never go out of fashion.
Tip #1: Save Money for a Down Payment
CASH IS KING. This is my number one tip because it is one of smartest and most important things a buyer can do. Doing this gives you more power to negotiate and your offer looks much stronger in the seller's eyes, a great thing for when you finally find that property you can't live without. But also putting a reasonable percentage in the down payment gives you equity in your investment from square one. And the icing on top of the cake? You'll have some extra money for repairs and improvements down the line.
So there you have it! Five tips for the first time home buyer that will hopefully make the search a little more relaxed. Just remember these things take time, and eventually you will find the place that's just right for you! :)
