Owning your own home with the one you love is part of the American Dream. Buying your first house – your first haven-space where you’ll live, love, and learn alongside your new spouse – is among the most exciting of experiences. But it doesn’t come without some risk. Foxbusiness.com featured an excellent article written by Suba Lyer spelling out 10 tips that most first-time home buyers don’t consider.
Let’s take a look at three of these tips.
Think Long-term and Think Re-sale
Lyer asks, “Are you planning to have kids? Will you be taking care of elderly relatives?” These things make a difference in how long you may be in your first home. If you will need or want to move in a few years, consider your target audience when the time comes to sell or to rent it. Consider the school district your new home is in, how busy the street is, and if it’s near a hospital. These things may be important to buyers or renters.
Look at ALL the Expenses When Budgeting for the House
Lyer recommends you don’t stop with principle, interest, taxes, and insurance. Instead, add in utilities, commuting costs, and upgrades. The article suggests you “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.” After budgeting in these expenses, then you can get a better idea if you can still afford the house.
Look Beyond Staging
Home staging is done for a purpose: “The psychology does work; staged houses look far better than houses that are still being occupied.” Lyer tells a story of a home where lamps were placed on nightstands next to the bed, increasing the appeal of the entire room. Yet, in reality, there were no outlets anywhere near the lamps! So the setup the home stagers had presented would not have been possible without remodeling! Lyer says to pay more attention to the layout of the house and the structure. Remember, staging is only for effect. Try to mentally remove the staging.