Many first-time home buyers are unsure what to expect when buying a home. Even people who have purchased a home before can sometimes get confused. In order to simplify things for every potential buyer, check out our setting up a new home checklist.
Before Buying a Home
Know What You Want
The first step in the list of things to consider when buying a home is knowing what you want in your future home. Not all home buyers have the budget to get every single amenity that they want, but it is important for all home buyers to have a wishlist. If a bad kitchen is a deal breaker when looking at homes, then home buyers should let their real estate agent know. Because many potential buyers don’t know what to expect when buying a home, they often forget this first step.
Find Your Ideal Neighborhood
One of the best tips on buying property is for potential buyers to have a vision of their ideal neighborhood. This is one of the most important things to know for first time home buyers because many times home buyers will walk away from their ideal neighborhood if they can’t find a home that perfectly suits their needs. However, many home building companies can customize building plans in the potential buyer’s neighborhood. Additionally, bad neighbors or noisy roads can ruin even the most charming of homes, so it’s important that home buyers put their ideal neighborhood on the top of the list of things to consider when buying a home.
Save Before Buying
While this may be one of the more obvious tips on buying property, one of the most important things to know for first time home buyers is the amount of money that they should put down when buying a home. While this figure can vary from home to home, the rule of thumb is to save 20 percent or more. As first time home buyers consider what to expect when buying a home, they should remember that the more expensive the home is, the more time it will take to save up money.
During the Home Buying Process
Consider All the Expenses for the Home</span
Beyond the expenses associated with the down payment and the mortgage, one of the most important things on the list of things to consider when buying a home is the other expenses that will be associated with the home. For example, home buyers should consider the cost of a potential daily commute, potential renovations, new furniture, HOA fees, and any changes in the utilities bill. Everything that first time home buyers have to consider when they are buying a home can be overwhelming, especially if they don’t know what to expect when buying a home. This is why all home buyers, even if it isn’t their first time, should create a setting up a new home checklist. This will help home buyers remember all of their potential expenses.
Establish Expectations With Your Realtor
One of the most important things to know for first time home buyers is the need to establish your expectations with your realtor. All home buyers should let their realtors know what their budget is, how firm their budget is, their ideal neighborhood, their wishlist for features in a home, any deal breakers they have, and if they are open to buying property and building their own custom home. Establishing expectations with your realtor can save potential buyers of the heartache of falling in love with a home that is way outside of their budget or falling in love with a home that requires a huge renovation.
Be Aware of HOA Contracts
Another one of the most important things to know for first time home buyers is to check out any HOA contracts. HOA stands for Homeowners’ Association, which can have a list of rules or fees that are associated with every home in that neighborhood. Some of the fees can include maintenance fees for shared community such as parks, pools, and sidewalks. Additionally, the Homeowners’ Association may have limitations to the amount of cars that a family can have, what color they can paint their home, and how long they can let their grass grow without having to mow it. It’s important for home buyers to make themselves aware of any hidden fees.
If You Like the Property, Then Buy It
If a potential buyer is open to doing a home renovation, then one of the best tips on buying property is to buy a property, even if they don’t love the home itself. When first time home buyers don’t know what to expect when buying a home, they can often be confused when they find a property that they love but a home that they don’t love as much. Homes can be extensively renovated or even torn down and rebuilt if the family has the budget. Great views, however, cannot be recreated.
After Buying a Home
Remember the Little Things
Once home buyers have actually purchased their first home, they should make sure to remember the little things that every home needs. This is where their setting up a new home checklist comes in handy. Things that homeowners can forget include trash cans, shower curtains, bath mats, trash bags, and cleaning supplies. Having a setting up a new home checklist can help new homeowners remember everything that they will need for the first few days in their new home, before their belongings have been unpacked.
Consider Personal Touches
One of the things that usually ends up at the bottom of the list but is still important on the list of things to consider when buying a home are the personal touches that truly make a home into a home. These include paint colors, new flooring or cabinetry, decorative pillows, or new blinds. While most first time home buyers don’t rush to buy these items, they can really help first time home buyers feel a sense of ownership for their new home.
Set Up a Home Maintenance and Repair Fund
Because many first time home buyers don’t know what to expect when buying a home, it can be difficult for them to plan for any hidden expenses or unexpected expenses. This is why it’s important to have a home maintenance and repair fund. It’s much better to have money saved in the case of natural disasters, burst pipes, clogged toilets, or any other unexpected emergencies. These problems always need to be addressed as soon as possible, so it’s important for homeowners to have additional money saved up.
While there will always be twists and turns in the process of buying and owning a home, most home buyers should be covered by everything on our checklist. Even though the process of buying a home can be long and complicated, the security and satisfaction of owning a dream home makes the process all worth it in the end.
For more information about buying a home or setting up a new home, take a look at our homebuyer tools.
