If you are buying your first home, you are probably experiencing a lot of different emotions. From excitement to anxiety to sadness to joy, there is a whole spectrum of feelings that may be obscuring you from using your common sense. Not to mention, if it is your first time making such a major purchase, it is easy to make mistakes simply because you aren’t familiar with the process. Fortunately, at Elevations Real Estate LLC, we have the home buying process down pat. Given our collective 180 years of real estate experience, we have found certain pieces of advice are timeless. In this blog, we will go over our top tips for first-time home buyers.
Are You Ready to Buy a Home?
Before you even start searching for a new home, you need to make sure you are ready to buy. Buying a home can deplete your financial and emotional resources, so make sure both are adequate to devote the time, energy, and money required. Take a look at your lifestyle, your job, your finances, and your future goals to see if this is the right moment for you to buy a home.
Calculate All the Costs
When buying a home for the first time, many people make the mistake of only factoring in the purchase price and the mortgage into their budget. There are also condo or homeowners fees to consider, as well as real estate taxes and home insurance. Also, don’t forget that you will need to budget for any repairs, maintenance, and utilities.
Save Your Cash
When buying a home, you don’t want to drain your bank account on your down payment and closing costs. Inevitably, there will be an unanticipated repair, not to mention moving costs, utility deposits, and new items you may not have needed at your last home, such as a lawn mower.
Think Long Term
Don’t make the mistake of only thinking of your current needs when buying a home. Yes, that cozy townhouse may be perfect for you and your spouse now, but if you are planning to have kids, will you have room for them in the future? Will you potentially need to take care of your elderly parents soon? You want to make sure your home will serve you for years to come.
Also consider resale when you buy your home. If you buy a house in an area away from good schools or on a very busy street, chances are, you won’t be able to sell to families. When you are ready to sell the house, you want to make sure you will get a good return on your investment, so consider its resale value when you buy it in the first place.
Let Go of the Little Things
Many people make the mistake of focusing too much on the details when they are shopping for a new home. Remember that ugly carpet can be pulled up, and that paint color can always be changed. These small, cosmetic details can always be changed after you buy the home, whereas an issue such as not having enough space is something that will be a lot harder to fix. Don’t get distracted by these details.
At Elevations Real Estate LLC, we would be honored to help you buy your first home in Fort Collins. Contact our real estate brokerage today!