The Fixer-Upper
This is an option that’s becoming more and more popular because let’s face it, we all think we can DIY. That is - until a real problem comes up! A lot of first-time buyers get enthusiastic about a great deal that needs “a little work.” But don’t bite off more than you can chew. If there are a couple repairs that can be done over the weekend then go for it, but a complete rehab might be going overboard and over budget.
The Goldilocks Effect
Buying for the future is something a lot of first timers think about when making their decision. It’s one of the biggest purchases a person will make, and they want it to last a while. However, many people run into the dilemma of finding something too big or too small. Sacrificing space for a charming cottage home in a cute neighborhood may not fit your needs a year from now. What do you use your one extra bedroom for? An office, a guest room, for a growing family? Then it becomes a battle of the uses. But buying a five-bedroom is not necessarily the answer, either. Confused space, too much maintenance and a higher mortgage aren't worth it. Often times a three bedroom is the perfect compromise that will keep you comfortable for the years to come!
Chores Galore!
Having luscious landscaping and a giant green lawn packs some powerful curb appeal. It looks amazing on all the online pictures you stalked on your iPhone in bed and really does impress onlookers. Having a hot tub, a pool or a water feature are all very impressive as well, but they all of one thing in common— maintenance. It is an extra expense, but where it will really cost you is your time! If you don’t want to put up the weekend hours to maintain a tropical bungalow, move on.
The Investment Dream
While this ties in somewhat to "the fixer-upper," it’s more about expecting a return on those improvements you’ve made. Don’t look at the investment potential, because chances are good your improvements won’t mean very much to future buyers. Not only do housing trends change (i.e. Open floor plans haven’t always been in style) but there’s no way to tell where your market will be years down the road. Make improvements for what fits your lifestyle now because you (or someone else) can always change it!
Too Good To Be True
It really hurts to say, but in Real Estate especially…if it’s too good to be true, then it probably is! If you find a really good deal, do your research and then do it again! Make sure to get a home inspection for the property if you’re seriously considering buying. There may be a hidden, underlying problem that hasn’t been taken care of by previous owners. Some of these things can be very serious like buried fuel oil tanks, asbestos siding issues, down to foundation problems that could amount to an unimaginable headache. Another thing to consider is school districts, crime rates, etc. There is a reason for the discount, and you don’t want to have to offer that extreme discount yourself when trying to resell.
Buying your first home doesn’t have to be so stressful. While there are a lot of things to consider, it’s more manageable than it can seem especially with professionals in your corner. Getting too emotional or only looking at numbers won’t ultimately lead you to the best first home for you, but a balance of the two.
