It’s an exciting time in your life. You’ve decided to step out there and purchase your first home. With so many options available, you may lose sight of what’s important when thoughts of your dream home produce those rose colored glasses. Here are a few houses you should avoid when you’re buying your first home.
The Luxury Estate
There it sits on a spacious plot of land. That’s right, it’s your dream home! It has everything you could ever want in a house and more. From the gourmet kitchen to the in-ground pool, there is nothing this house lacks. In fact, you could see yourself entertaining friends and family here throughout the year. Sounds amazing, doesn’t it?
Yes, it does sound incredible, but keep in mind that you’ll need to make that mortgage payment. One of the biggest mistakes you can make as a first time buyer is choosing a house that is way outside of your budget. Even if you are qualified for a mortgage loan that enables you to choose this house, it may not fit your budget for the long haul. You don’t want to sacrifice quality of life just to have a pool you can’t afford to maintain and extra bedrooms that you don’t need.
The “I Can Fix This” House
While it may make sense to purchase a home that has a few things that need attention, take care that your vision of remodeling doesn’t get out of control. What starts out as a small update could turn into a renovation job that costs you in the thousands. Aside from money, consider the amount of time it might take to complete the repairs and updates that are needed.
You may be getting the house for a steal, but in the end it could cost you more than you bargained for when it comes to those small repairs that add up. Don’t get swept away by the shabby-chic charm of a house. Ask the important questions that are needed to provide clarity when it comes to renovations. Having a real estate agent on hand to help keep the balance is always a good idea.
The House Across Town
No matter how much you swoon when you see a house, you’ll want to consider things like commute time, proximity to shopping, and other factors that impact your lifestyle. Purchasing a home that is all the way on the other side of town may not work well when you like to sleep a bit later and make it to work just as the bell chimes.
If the house you’re looking at is in another part of town, you may need to switch schools or school districts. If this is something that matters to you, you’ll want to pay attention and do a bit of research on school boundaries. If you love being able to walk down the block to a coffee shop on Saturday mornings, choosing a house that is in a rural area with limited access to shops may not be the right choice for you, no matter how much you adore the beautifully landscaped yard and formal dining room.
The Compromise House
Making a few compromises is important when it comes to the house hunt. If having a pool is on the want list but you just can’t afford that right now, you may need to make a compromise and choose a home without one. However, you want to make sure you aren’t compromising on things you need.
If you plan to have children in the future, you may want to consider a home with enough bedrooms for growth. Settling for a house that only has two bedrooms may suit you today, but that compromise could prove to be a headache down the road. If you look forward to yard work because it relaxes you, but the mortgage on the condo will be less, stop and think about what’s really important. Don’t compromise on things that will make you unhappy in the long run.
One of the best things you can do when you’re buying your first home is to speak with a reputable real estate agent. They can help you steer clear of the pitfalls. Kathie Moore would love to speak with you today about making your home buying adventure a positive one. Call her today at 651-351-4736.
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