Hindsight is 20/20. One of the most true and most FRUSTRATING things about life. Luckily though, if you are looking to buy a home for the first time, hundreds of people have gone before you and are able to offer some advice and words of wisdom on the subject. We present to you… “What I Wish I Would Have Known When…… I Bought My First House”!
We asked several homeowners that are either in their 50’s +, if they have downsized recently, or if they have purchased more than one home in their lives. Here were the top responses:
“Work With an Experienced Agent”
Having an experienced agent on your side is a HUGE asset! Several people mentioned that they wish they took more time to select an agent they had a good fit. Your realtor is your right hand person; there will be a lot of communication with them so make sure you feel they understand your goals and vision of your future home.
“Trust Your Instincts”
Give yourself permission to trust your instincts! There is no need to rush this purchase – it is a big one! When it feels right, it will be, and you will thank yourself for listening to your heart and your gut.
“Shop Lenders / Shop for a Mortgage”
Don’t accept the first mortgage you see! Compare rates, lengths, and lenders to see which one if your best option for your future financial goals.
“Don’t Be Afraid to Negotiate!”
Many people are afraid of negotiating the price of something because it is not as common of a practice in the United States. Home purchases is one thing where you can throw this assumption out the window since buying a home is making and receiving price offers. It is a negotiating game when there is more than one offer on the table.
“School District Impacts Price”
Whether you have kids or not, it is good to know that the school district your potential home is in will impact the price. School district is one of the factors that go into the cost of living in a certain area.
If you are feeling confused – ask questions! This was the most common piece of advice across the board. Know that there is no such thing as a stupid question.
“It Is Easy to Get Caught Up In the Superficial”
The saying that you won’t be able to cross everything off your wish list, is a true one! Don’t let yourself get caught up in the superficial. If you see a room you don’t love or an ugly bathroom, these are easy fixed that should not distract you from a home that has other features you love!
“Plan for Transitional Costs”
Know that the transition between homes can cost some money. Sometimes you need to rent storage, a U-Haul, pay for movers, and possibly something else. Do some research and plan for these transitional costs in your moving budget!
“There is Lots of Paperwork”
Many people who are buying their first home don’t realize how much paperwork is involved! Be prepared that there is a lot to go through, read, and sign.