When a first-time
home buyer begins hunting for the prize that has to serve both as a
satisfactory home base and a solid
investment, most feel a mixture of excitement (a home is a landmark achievement!) and maybe just a touch of apprehension.
Like any expense you’ve never encountered before, it’s appropriate to take
extra care the first time out — and to pay attention to what experience teaches.
Along those lines, here are some mistakes that are easy for a first-time home
buyer to make. Fortunately, they’re also easy to sidestep:
1. Waiting for a better
Adjustable rates may well be about as low as they’re going
to get right now – and some signs point to an increase in the coming months. For
a first-time home owner who will be taking
out a loan, if the property is right, hesitating to make a commitment based on a
loan rate gamble is seldom a good idea.
2. Thinking short term
Consider thinking of a home as a lifetime investment. Even for
those who are single or newly-wedded, it’s possible that being open to a house
with extra rooms could end up saving considerably on moving, transaction and agent
fees, taxes, etc. It’s equally important to look at neighborhoods and how they are
changing and developing. If you do resell your home, location can make a big
difference in how.
3. Underestimating hidden
The monthly mortgage payment isn’t the ultimate bottom line.
When a first-time home buyer comes across a property that fills (or exceeds)
everything he or she has been looking for, if the mortgage payment looks to be right,
it’s easy to overlook other homeowner expenses. Experienced buyers make estimates of maintenance fees and property taxes — they will be every bit as consequential
as the mortgage bill.
For a first-time home buyer,
when thoughtful perspective goes into your final decision, it’s that much more likely
to be a decision that pays off in the long run. If you are preparing to buy
this spring or summer, I’ll be standing by to help get you started!