As a first-time home buyer, read and research as much as you can do as it is an investment that you wouldn’t want to regret later. Here are 10 universal lessons that every first-time home buyer shouldn’t ignore for a peaceful home hunting experience.
#1. NOW is the time to save
The first step to ease your first home buying is to start saving for your huge investment right from the moment you plan. Plan your finances accordingly and be ready for the ball before it hits you hard. Decide your affordability based on your standard of living and start saving, so that you need not pay huge for the EMIs later. The earlier you start, the better.
#2. Keep Calm
We usually have the habit of fixing a deadline for the home hunting. It would be either be an auspicious day or our anniversary. The ideology behind this is to begin your journey with an extra dose of happiness and make it a memory. We completely get all the emotional sentiments involved here. But, we suggest you don’t rush up and jump into an unknown well. Let your search and research not be wide, since it will lead only to chaos. Once you decide where you want to be and how you want to be, you’re all set. So, just be flexible with the timings and deadlines.
#3. Build a safety locker
You haven’t got any experience yet and there are more chances of you getting blown away by sudden onset of hikes in your budget. Let’s be as prepared as possible before committing to the largest of the investments. Besides your planned budget, always expect the unexpected and be ready with an extra savings. Build your emergency account a few months before you commit, so that a lot of money is always there to make you feel less stressed about the finances.
#4. Get on to the ground
During your research process, you’re more likely to receive quotes and referrals from a lot of builders and friends. Shortlist them based on your affordability and requirement and inspect the final list personally. Ensure you pay complete attention during the home inspection and don’t miss out on anything important in a hurry or excitement.
#5. Take advice
Once you feel everything is okay, take a friend or a relative and get an opinion because different eyes could spot different things and save you from some expensive mistakes. Avoid immediate and on the spot response to any place by yourself. You might get emotionally invested since it’s your first home. Your friend or relative or anybody for that matter shall help you
#6. Know what you can forgo and what you can’t
You may not possibly get all those factors and amenities that you’ve always wished for in your dream home. Practicality is appreciated here in understanding what can be adjusted and what cannot. The only thing you can’t change about a home is its location, so always remember you’re not just purchasing that one home for your future but the entire locality for you to support and help. When it comes to amenities, identify things that you can live with and without.
#7. Resist the urge and excitement
You may have planned something and the banks might sometime offer to lend you more than what you actually wanted. In such cases, don’t ever try to increase the budget of your home and get back to the starting point. Buying your first home is a wonderful experience only if you’re well aware and educated about the processes that are involved beforehand. A home of your budget will always ensure security and comfort. Just because the banks afford you so much money, don’t lend your happiness.
#8. Don’t be on a shopping spree
In the whole lot of excitement and joy, it’s natural to forget the unexpected expenses your new home will bring. Once we enter our first home, we all wanted to make it look classy by decorating with all kinds of furniture everywhere because we feel only that makes a home complete. You need to relax here and take some time. You’ve just made a huge investment and hence slowly sit with your family and figure out what your next budget is and what you actually need for your new home. Having a few rooms empty for a while without furniture is no harm and you can upgrade it after you save.
#9. Buy for tomorrow and not today
Your family needs for today will never be the same tomorrow. Always keep in mind your future needs and purchase a home that would fit any big or small expansion. It’s quite easy to spot properties for your current needs. So, look out for a home for the life you desire and not the life you have.
#10. Don’t walk back
The process is long and can be daunting but remember patience is the key. You and your family will come across a range of emotions throughout your journey towards your dream home but it will all be worth the wait when you finally settle in the castle. So, have your facts and guidelines handy and go in.
Apart from these, seek for more wisdom from home buyers and fess up few more lessons that you would want to share with those buying their homes for the first-time.