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10 Tips Most First-Time Home Buyers Don’t Consider

Think long-term and think re-sale:

Are you planning to have kids? Will you be taking care of elderly relatives? You might be planning to live in your first home for only a few years. In that case, who is your target audience when it comes time to sell the house? If you buy a house in a very bad school district or a house on a very busy street, when you are ready to sell the house, most families with children will be out of your list of potential buyers.

Make a list of items to check:

Home-buying is an emotional process. Ideally, you should set aside all your emotions when evaluating a house. Practically, that is impossible. Instead, make a checklist of your must-haves, nice-to-haves and other essentials. Then print copies of this checklist. Every time you visit a house, take the checklist along with you; take photographs so you can cross each item off your list. If you fall in love with the house and your checklist shows that the house has none of your must-haves, it will at least make you pause and think.

Look at ALL the expenses when you are budgeting for the house:

When budgeting for the house, don’t stop with principal, interest, taxes and insurance; add in utilities, cost of commuting and upgrades. Call the utility companies that service the house you are considering and ask for an estimate of what the cost will be, whether there are any budget plans available, etc. Will the gas budget for your car go up if you are moving further away from the places you frequently visit? Budget all of these expenses and see if you can still afford the house.

See full article here: Fox Business News

The above is a reference article from a 3rd party, Synoptic Real Estate Group is not the original author, and doesn’t take ownership of any of the articles contents, the original author is credited at the base of the article.

3 Responses to “10 Tips Most First-Time Home Buyers Don’t Consider”

  • I like how you mentioned thinking long-term when buying a house. I’ve been considering buying my first house, and I think I’m ready to take that step. It would be a good idea to keep the long-term in mind, so I’ll definitely consider that heavily when making my decision.

  • Thinking long term and about how much the home will be worth when you move again is smart. I wouldn’t want to buy a home that would be impossible to sell for a good amount of money in a few years. I have been thinking about getting my first home and it seems like it would be smart for me to find a real estate agent who is used to working with first time home buyers.

  • I like how you suggest making a list of nice-to-haves, must-haves, and essentials when getting a house. My husband and I just got married a few months ago, and now we’ve decided that we should get a home for ourselves. We’re thinking about having a child and would like to have roots before that. We’ll have to follow your tips and find houses for sale that’ll match our checklist.

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