What First-Timers Need to Know About Buying a Home
Almost everyone knows that buying a home can be stressful and thrilling at the same time. We want to buy a property that suits us while also afford to spend money on other things.
If you’re new to the housing market and are unsure about the steps to buy a house, you’re not alone! These are some of the many forgotten parts of purchasing a home that more buyers need to know about.
You’ll Pay for More Than The Home.
When you’re buying a property, you’re going to pay for more than the mortgage. Over a year, you’ll pay for the property taxes, HOA fees, the cost of maintenance, any surprise costs that pop up, homeowners’ insurance, and hundreds of other little expenses and fees that add up over time.
Although it’s nice to own a home and have your name on a property, these expenses can be grating and leave many people disappointed that they didn’t know ahead of time.
Realtors Can Help You Save Money
Houses are expensive! Any ‘small’ change to the price can result in a difference of tens of thousands of dollars. Working with realtors or real estate agents can save you a lot of money and make homeownership more feasible.
When they show you a property, ask how much they think they can get the price down to and if they’ve been able to get the price down like that on similar properties.
A good realtor can also help you look into what grants or assistance you can get to afford the homes you’re looking at. Although they can be expensive, charging three to six percent of the cost of the house, they’re more than worth it in what they can do for you.
Be Willing To Be Flexible On Location, Price, or Style
Unfortunately, perfect matches when it comes to homes are incredibly rare. You have to be flexible on one or two things on your wishlist if you want to find a home. Those items usually boil down to location, price, and style.
If you are stuck to a specific price and style, you may have to move out of the city to find it. On the other hand, if you have to live in the city and want a victorian: you’ll need to raise the amount of money you’re willing to pay to purchase it.
Owning Is More Work Than Renting
Although many first-time homeowners mentally prepare themselves for yard work, a lot more work goes into owning a home than renting an apartment. Not only is lawn maintenance your job, but you’ll also have to maintain the rest of your home.
If your dishwasher breaks down, it’s your responsibility to repair it or replace it. You’ll have to pay a professional to do the work unless it’s still in warranty. This adds a lot of expenses to the cost of homeownership and can make it feel like you’re constantly playing catch up with your bills.