If you have decided to finally take the plunge and buy your first home, the decision alone can be ridden with anxiety. Are you going to make the right decisions when choosing a house? Should you wait to see what else might come on the market? Although there is no way to completely take the stress out of home buying, we want to help to avoid the most common mistakes first time home buyers can make when choosing a home.
Cozy Now...Uncomfortable Later
Maybe you really like those little bungalows and since you may not plan on having a family or one any time soon, you don't need much. But, before you know it plans can change. In an instant, what seemed comfortable for just one or two will suddenly feel extremely small. Looking toward the future plays a big role in deciding what will work for you long term and you can grow with.
Jumping to the exact opposite problem of too small, is buying the biggest house you possibly qualify for. It’s important to ask yourself if 5 bedrooms is a realistic size since it might be just you and your partner now. Carrying that large loan for the time it will take to fill those rooms could be a big money mistake. You want to make sure you can realistically grow into the house without stretching your finances thin.
The Time Sucker
Take time to look at the kind of maintenance your home will require. If there are large gardens, numerous flower beds and elaborate landscaping, it will require a lot of upkeep time. It may come as a shock the amount of time it takes to keep up with yard work especially if you currently live in an apartment. You don't want to be a slave to your home on the weekends.
The Fixer Upper Flop
It's all the rage now to buy an old fixer-upper. You see so many couples on HGTV doing it all the time. But, realistically will you have the time, money and resources to complete the work that needs to be done. Not everyone is built to withstand a total rehab of a home. Instead, focus on homes that might need just small weekend jobs that are just aesthetic and can be done on your timeline.
The Best Deal
Before you give yourself a high five for finding the best deal on a house out there, it may be time to step back and ask why it’s such a deal. Could it be the location, the school district or something else that is making it less desirable than other similar homes? If you buy it now just because the price was too good to resist, down the line you might have trouble selling and not get as much for it.
Just know, you don't have to go it alone with this big decision. COListings dedicated real estate agents will help guide you though selecting the right house that will work for you.