What You Should Know When Buying Your First Home

Tuesday, September 3, 2013, AM | 1 Comment

The prospect of buying a home for the first time can be a very exciting one indeed. However, rushing into a decision, or failing to take the proper precautions before buying a home can also be a big mistake. Fortunately, there are some basic tips that all first-time home buyers can keep in mind to ensure that they make the right decisions along the way and do not end up regretting anything down the road.

What You Should Know When Buying Your First Home

  • Think of the Big Picture

    It is important to keep an open mind when looking at a house for the first time, especially if it includes the existing owner’s furniture and decor. If you are not crazy about the way they currently have the home designed, try to imagine it without the furniture and other decor. Instead, try to look at it as a blank slate, and imagine how each room would look with your own furniture and decorative touch. It would be a shame to pass up the perfect home because of small cosmetic factors.

  • Explore Financing Options

    If you ended up going with the first bank that approved you for a mortgage, then you could be leaving a lot of money on the table. It is important to shop around with different banks and lending institutions and to explore all of your lending options regardless of whether you are looking to take out short term loans in Houston, or a more traditional 30-year mortgage.

  • Get a Warranty

    These days, it is pretty easy to convince a home seller to include a warranty with the home itself. These only cost the seller a few hundred dollars, and give you the peace of mind in knowing that the major appliances and parts of your home will be under warranty for at least a year after you move in. In the event that something does break or go wrong, all you will be responsible to pay for is the deductible.

  • Have an Inspection Done

    Before you sign any official agreement to buy the home, pay the extra few hundred dollars to have an inspector come take a look at it. He or she will be able to spot any major problems that could cost you a great deal of money down the road. If there are any problems, you may be able to have the seller fix them or reduce the purchase price.

By following these tips, you will be on your way to a great first home in no time. Keep an open mind to different options available to you and explore different ways to finance so you get the house of your dreams.

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  1. One Response to “What You Should Know When Buying Your First Home”

  2. By Judi Hornett on Sep 3, 2013, 5:11 pm | Reply

    One idea that worked for me when I bought a ‘fixer upper’ in an ‘as is’ sale of a home that was over 50 years old was to buy a renewable service protection plan. This was perfect becaue I already knew of some problems with the house such as the furnace motor was frozen and the toilets were old and the water heater was old.

    It cost me about $300.00 per year and it paid for itself in the first month because I got the furnace fixed and it would have been a $600.00 repair. The water heater did go out that year and we had it replaced.

    It did not fix our extensive root problem but worked when I had pin hole leaks in my pipes and leaks in toilets.

    I have been told that landlords use this service as well when they can’t be there to do the repairs themselves.

    I used American Home Shield but I am sure there are other companies.

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