Home buying is a very exciting experience especially if it's your first home. There are many articles online that offer advice to make the home buying process easier and faster. However, there are some tips that only people who have "been there" can offer.
Here are some proven tips for first time buyer from those who have been first time buyers before.
Think long-term and think re-sale. Are you planning to live in your first home for only a few years or are you planning to raise your family there? Are you planning to sell the house in the future? In that case, who is your target audience when it comes time to sell the house? It's so easy for buyers to get drowned in excitement when buying their first home that they forget to think 5, 10 or 20 years ahead.
Look at ALL the expenses when you are budgeting for the house. Your expenses don't stop with the principal, interest, taxes and insurance. You have to consider utilities, cost of commuting and upgrades.
Make a checklist. A house may look perfect for you but does it have all that you need? Make a checklist of your must-haves, nice-to-haves and other essentials then print copies of this checklist. Every time you visit a house, take the checklist along with you and cross each item off of your list.
Research grants and other sources of funding. Research all the grants and funding options you are eligible for before you automatically decide you won't qualify for anything.
Learn about the neighborhood. Know what type of people are living in the neighborhood. If the neighborhood is full of single people with no kids, raising a family there could be lonely.
Look beyond the staging. Yes, staging makes the house look nice. But in the end, it's all temporary. When you are considering a house, mentally try to remove the staging. Pay more attention to the layout of the house and the structure itself. Ugly wallpaper and paint can be easily fixed later.
Most of the advice about buying a first home is true. Save up for that down payment, have an emergency nest egg, build up your credit, hire a real estate agent - all those are true.
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