Deciding to buy your first home is a huge decision and can be scary. When we pass the looking stage, we come to making an offer? That’s a different level of panic. Off the charts. Are you choosing the right house? What ifs start mounting? What if
Unfortunately, we can’t totally remove the stress from the process (buying a house is a huge deal for everyone). However, we can help you avoid the biggest mistakes. And, as it turns out, some homes just aren’t right for the average first-time buyer. Go ahead and take a look.
1. The one that’s a little too “cozy”
You may not have children at the moment. You may not even be planning on children. But those plans could change in the next five to 10 years, or in two weeks’ time and that small affordable two-bedroom historic bungalow you’ve been eyeing may end up being like a MINI, all funky and modern, yet terribly impractical for the family of more than two.
So, if you are recently married and plan to start a family, do not buy a two-bedroom home. Three is generally a good place to start. You can start a family, be comfortable, or if you do not start a family, the costs will not skyrocket. It remains a safe choice and you could end up staying there longer than expected.
2. The bloater
On the opposite side, you shouldn’t just get the biggest house you can qualify for, either. Five bedrooms might make sense for you in the distant future, but if it’s just you and your partner at the moment, you probably won’t need those other four bedrooms for years. In the meantime, you’ll be carrying a much larger mortgage than you need—or possibly can handle. Imagine being reminded every month by the mortgage payment that the house is just a little too big for your needs.
3. The money pit
You might be tempted to buy a fixer-upper but be careful how large rehab project you take on. If the home needs one or two projects and a handful of small weekend jobs to get it into what you wish for, that may make sense. However, if you can spot several problem areas now, you may end up going totally broke trying to repair that place. Run away or opt for a fixer-upper with an end in sight, clear budgets, and simple upgrades.
4. The weekend stealer
It is great to have a house everyone is talking about. But, the front lawn doesn’t need to be a tropical garden. Do you really need a huge vegetable garden that needs tending every single day? Swimming pool sounds great but it needs constant maintenance. Those features might look great now, but do you really want to spend every weekend stuck maintaining your home? Move along.
5. The dream crusher
In an ideal world, you’ll live in your first home for a while, maybe make a few improvements, and sell it for a profit later so you can upgrade to an even more awesome pad. However, that doesn’t mean you should look at every home for its investment potential. Your home improvements may not mean much to the next buyer. And sometimes that home simply isn’t going to go up in price, no matter what improvements you make. If your only reason for making an offer is what you might get out of it after you sell it, consider the market very, very carefully before you take any actions.
6. The doorbuster
If you’ve found a really good deal on a home stop and ask yourself why the deal’s so great. Is the location problematic? You might save big bucks in the beginning, but there also might be problems ahead if and when you try to sell the home later on.
Even if you don’t plan on having children, or you don’t care if a neighborhood is less desirable, future buyers might. That means you may be forced to offer the same discount you got when you bought the house in the first place