5 Mistakes to Avoid After Buying A Home

By
Real Estate Sales Representative with Castles Unlimited®

A new home is a huge investment that stands to appreciate significantly if you invest wisely. By avoiding the following five mistakes you can turn your home into a major asset instead of a draining expense.

Don't sell too soon

Usually, it takes about three to five years to gain home equity. It's best to avoid reinvesting the money you've just spent on professional movers for at least this long. Moving is expensive, tiring, and time-consuming. If you tend to move often or crave freedom you should consider moving into an apartment or condo instead of buying a single-family home.

Don't forego the inspection

Having a local inspector take a look at the house is definitely a necessary step in buying a home. Their job is to identify any potential issues with the house - problems, which left undetected, can cost you hundreds of dollars down the line.

Common issues include:

  • Leaky pipes
  • Eroding foundation
  • Improper insulation
  • Faulty chimney
  • Water damage
  • Pest infestations

Don't go too big

Always think in the long term when buying a home. Who's going to live in the home? Are you starting  family? Is the house for just you or you and your significant other? If you buy an overly large home you could be stuck with way more maintenance than you signed up for. So make sure you're not pouring thousands of dollars into a home that doesn't suit your needs.

Don't overspend on landscaping

You'll probably want to do a lot of yard work in your new home - having a nice looking yard can improve your curb appeal tenfold. However, unless your home requires some kind of immediate renovation - try to spend the first year making smaller changes an building up your budget. Maybe reseed the grass if its looking shabby but don't add a new deck. It's best to wait at least two years before considering large exterior improvements. That way you're better prepared for any surprise issues that could pop up.

Don't forget the warranty

If your home doesn't come with good appliances, you'll have to buy them. Make sure you add a warranty on anything you buy. Cheap appliances are more likely to break before the warranty is up; high-end appliances are more likely to outlast the warranty. 

 

And don't forget to enjoy your new home!

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Topic:
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Location:
Massachusetts Middlesex County
Tags:
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Rainmaker
2,032,355
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Good morning James,,,All future buyers should adhere to these suggestions.  Tks for sharing.

Nov 12, 2015 03:23 AM #1
Rainer
424,507
Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor / Author / Advocate/Short Sale

  , those are some great tips / advice for the new home owner!   Having a decent budget, and sticking to it.... will always be the true challenge...  life happens!  Minimize it by NOT over buying!

Nov 12, 2015 03:24 AM #2
Rainmaker
506,980
James Lowenstern
Castles Unlimited® - Newton, MA
Castles Unlimited. Newton MA Real Estate

Thanks for writing Dan & Ron!  Jim

Nov 12, 2015 06:05 AM #3
Rainmaker
3,004,455
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

James - These are very valuable mistakes to avoid after buying a home.

Nov 12, 2015 09:22 AM #4
Rainmaker
506,980
James Lowenstern
Castles Unlimited® - Newton, MA
Castles Unlimited. Newton MA Real Estate

Thanks for "dropping by" John Pusa.  Jim

Nov 12, 2015 09:18 PM #5
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Rainmaker
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James Lowenstern

Castles Unlimited. Newton MA Real Estate
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