Every new year stirs the interest of a new group of people wanting to make a big change and purchase their first home. It’s an exciting endeavor, and since you clicked on this blog post, you may currently find yourself in this very group!
The buzz of potential home ownership often revolves around aesthetics. It’s easy to get wrapped up in what you want your first home to look like, inside and out. It makes sense that this is the first place many minds go, but there is much more to owning a house than just making sure it looks the part.
At G&H Management, we’ve compiled a non-exhaustive list that includes what you may not know before buying a home (whether you’re a first-time buyer or a seasoned pro). Here are some of the things that they DON’T tell you when buying a house.
- Inspections provide extremely valuable information, even if it’s bad news. It’s understandable if the thought of bringing in an inspector to a home that you already have your heart set on makes you anxious. The hope is that there is absolutely nothing wrong with the house, but that isn’t always the case. If your inspector finds issues, don’t think about it as a total loss. The findings can help you decide if the home is truly worth its asking price or if some negotiations and fixes should be done before finalizing the purchase.
- The closing process can be lengthy. This is the period that includes getting finances in order, hiring an inspector, and finalizing the sale price. Sometimes, this can take up to 50 days. It’s best to go into the closing period with the expectation of waiting. However, if the previous homeowners have already solidified their new home and are interested in moving on quickly, your closing time may be faster. You can bring up the prospect of a fast closing period in your negotiations as well.
- It’s better to ask all of your questions instead of being left to wonder. You deserve to know all that there is to know about a property before making a purchase. It’s not worth it to hold your tongue. Getting honest answers to all of your outstanding questions will only help when it comes to making a final decision.
- Make sure your long-term budget approach leaves room for the unexpected. Allocating money to purchase a home is one thing but taking repairs, renovations, and bills into account is another. Purchasing a home is, ideally, a long-term investment. Don’t get too far ahead of yourself — triple check to ensure that you have the funds to sustain your home for years to come.
- It’s great to have must-haves, but it’s better to be flexible. Is it possible to find a home that checks all of your boxes and stays within budget? Yes, but it’s not 100% likely. When you sit down and think about what’s important to you, consider prioritizing every element. If a specific location trumps having an en suite bathroom, then you may be able to find a compromise much easier than if you are attempting to get all of your must-haves in one place.
If you’ve read through this list are ready to learn more, contact G&H Management today. We are your stress-free real estate destination.