Buying a home is not called the American dream for just any reason. It is a hard feat to accomplish and requires responsibility, hard work, and long term vision. It can also be scary for those buying their first home. There is a lot to know, and most have likely heard horror stories of friends homes that were hit by disasters, or who had issues dealing with insurance.
Fortunately home buying is not as scary as some people may think. There are plenty of professionals that you will work with along the way that will help make sure everything goes smoothly. Most people are surprised at the end of a first home purchase how simple the entire process was. There are costly mistakes that can be made, however, and should be avoided. Here are a few.
Choosing the wrong people
The people you work with while buying your first home are one of the most important decisions you can make. If you realtor is just in it for the money, they will push you to purchase a home as quickly as possible so that they can pocket the check and move on. Many realtors are trained to be this way. Conversely, if you can find a realtor that genuinely cares and has your best interest at heart, they will do digging, make sure there are no issues that could come up down the road with the home. These issues include things like improper paperwork with the city, hidden home damage, and overvalued home prices. A good realtor will do their homework and make sure your home is ready to live in safely for many years to come.
Budgeting
One of the biggest mistakes new homeowners make is understanding their budget. Most people that rent do not have to deal with repairs, maintenance, lawn work, taxes, insurance, or anything else relating to the home. As a new homeowner this is now completely your responsibility. If you are cutting your budget close while while buying the home you are likely forgetting the plethora of other expenses that may come up once the home is purchased. Make sure your income is enough to cover potential expenses and understand what those expenses could be. Additionally make sure that you have enough time to do things like yard work and maintenance, you will be surprised how much can be saved doing it yourself.
Research
Do the research! Find the perfect home. There is likely a home in your price range that you will love, but you need to spend the time to find it. Use resources like the Georgia MLS (or whichever state you live in) to find houses that may not be up yet on the web. Your realtor will have access to this.
DIY
Most first-time home buyers have zero clue how to fix anything in a home. Plumbing sounds gross, electricity sounds terrifying, and lawn maintenance sounds dull. Unless you are purchasing a brand new home however, you will likely run into some repairs and maintenance fairly soon. Your first reaction will be to call a handyman and let them deal with it.
This is probably the wrong first reaction. Most home repairs can be done with a YouTube video, a trip to home depot, and five minutes. You may be blown away by your ability to quickly understand how a toilet or sink work.
David Glenn is a home improvement expert. He occasionally freelance writes about home maintenance and DIY home repair. He’s also knowledgeable about topics like how to improve social presence and building a reputation online.
