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2018-06-26 13:24:31
Before You Buy Your First Home

Buying your first home only happens once. It can be a steep learning curve. Here are the top 4 things first-time homebuyers wish they knew before buying.

  1. Keep Selling in Mind: It may be the furthest thing on your mind, but odds are you will eventually sell the home you buy. There are lots of things that affect how easy it is to sell a home. If you are buying a home in an area that has a lot of homes for sale, you might want to consider if it will be difficult to sell the home. Are there a lot of people that share your reasons for wanting to buy the house? For example, you may not have children, and the school district in the area might not be a consideration, but many homebuyers have a family.
  2. Keep Your Emotions in Check: Buying anything is an emotional experience on some level. However, you don’t want your emotions to override your actual lifestyle needs. If you work 60 hours each week, it may not be a good idea to buy a house with a large yard, unless you can afford someone else to take care of the maintenance.
  3. Pay Attention to Your Budget After You Buy: It’s not terribly difficult to determine what you can afford. Your agent and loan officer will help you every step along the way of the home buying process. It’s important to pay close attention to your budget in the weeks and months after you buy a home. You will likely have a different cost of living after buying your new home, and it may take some adjustments to get used to it.
  4. Research the Area: Review the bylaws in the area you buy. You may also have an HOA with rules that may influence certain decisions. For example, you may not be able to build a shed in your backyard to store your jet skis. Zoning laws may also have restrictions on things like how many people can rent in the area.

Source: https://www.forbes.com/sites/financialfinesse/2017/05/21/5-things-i-wish-i-knew-before-buying-my-first-home-in-my-20s/#284f81084b8a

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