Buying your first home is very exciting. With the cost of purchasing a house ever-increasing, purchasing a home is a milestone that many are not privileged to experience. Hence buyers should relish the process.
Unfortunately, first-time buyers are more at risk of falling for pitfalls and overlooking crucial factors that they only uncover after they’ve purchased the house. Many people, especially realtors, are so desperate to sell that they often neglect to mention the negative aspects of buying a home.
Here are the five most important factors to consider when buying your first home to avoid these pitfalls.
Location
The most important factor in buying a house is the location. Buyers must ensure that their home selection is in a safe neighborhood, close to their workplace, schools, and other essential amenities like hospitals and central business districts.
These features are highly determinant factors of where new homes in Arizona are built. These factors also contribute to maintaining and increasing the overall value of your house.
Financing
Most buyers are usually not able to purchase their first home cash. Hence buyers must consider the different buying options available to them. One common way to buy homes is through a mortgage or bond purchase.
Mortgage purchases attract a lot of costs, the main one being bank interest rates. An excellent way to reduce interest costs is to have a deposit. Experts suggest that homebuyers have a deposit worth 10% of the selling price.
Needs Before Wants
It can be easily dazzled by high-end finishes like marble countertops and gold plated bathroom features. However, always remember that all that glitters is not gold. To avoid being swayed by aesthetics, buyers must list their needs, not wants.
Buyers must purchase homes that are aligned with their personal goals. The number of bedrooms, bathrooms, and floor plans is essential for buyers.
Don’t Settle
It is easy for first-time buyers to fall in love with the first house they see. However, it is crucial to shop around and keep your options open. Settling for the first house you view may have tremendous repercussions. You may find another house with all the features you need, cheaper or closer to amenities, and has a safer location.
Experts suggest that buyers must take 12 months between viewing and making an offer. This gives buyers enough time to shop around to find the best home that speaks to their needs.
Beware Of Hidden Costs
When it comes to home buying, most people focus on the selling price and neglect to mention the plethora of expenses related to purchasing a home. Some ordinary expenses include transfer costs, tax, rates, levies, and garden or pool maintenance costs.
These hidden costs are another reason why buyers should set a total expenditure budget and find a house that costs 20-30% less than their set budget.
Buying a property for the first time comes with many ups and downs. Therefore buyers must focus on their needs and stick to their budget no matter what may come their way.
