Buying your first home is one of the most exciting times of your life, but there is often a lot of anxiety related to the process. By following a few simple guidelines you can insure that this can be a happy and exciting time to look forward too.
Make Sure You Can Afford to Buy a Home
Although this should go without saying, it absolutely cannot be stressed heavily enough. Do not allow emotion or peer pressure to serve as a motivator. You must take stock of your assets and liabilities and dispassionately determine whether purchasing a home is the best decision for you.
Determine a Budget and Stick to It
As the hackneyed saying goes, giving an inch with respect to your budget will make it much easier to give a mile. Do not let yourself get started down that slippery slope. You should pick a hard budget ceiling and should not waver unless you experience some sort of unforeseen windfall of income.
Pay Attention to Location
If your home’s price seems much too good to be true, it probably has something to do with its location. Even if it is your dream home—newly constructed or renovated with top-of-the-line appliances, amenities and everything else you want—location could drag down its value. If location is harming its value now, the odds that the same will be true when you are trying to sell are quite high. Undesirable location is also usually an indicator that the area’s public schools are substandard, so you may also end up footing the bill for your child(ren) to attend a private school.
Take Hidden Costs into Account
Keep in mind that on top of your mortgage payment, you will have to pay an inspection fee, property taxes, closing costs, any immediate renovations you may want or need to undertake, insurance, HOA fees, moving costs, lawn care and utility bills. If you previously rented, you will need to purchase appliances and maintenance equipment. Do not allow yourself to be caught off guard when these costs come due. They add up quickly, so it is best to have a bit of a cushion in place.
Hire a Professional to Perform Your Home Inspection
Regardless of what anyone may tell you, getting your prospective home inspected is a must. Unless you perform building inspections for a living, this is not something you should do on your own. Luckily, there are professionals you can hire. If your inspector discovers insects or rodents in the home you plan to purchase, be sure to contact Interstate Pest Control for all your Portland pest control and exterminator needs.
Do Not View Your Home As An Investment
The housing market is somewhat unpredictable, and there are only two times when your home’s value really matters: when you buy it and when you sell it. Relying on your home to make you money is a foolhardy plan. Keeping all these ideas and tips in mind can help you make it through this adventure with a open mind and enjoy not only the home to purchase but the entire process.