first-time homebuyers' top mistakes
TRANSCRIPT
TOPMISTAKESTO AVOIDAS A FIRSTTIME BUYER
Taking your first step into the housing marketcan be a daunting experience. There is no
completely watertight step by step process tomake sure you’re purchasing the right
house for you.
However, if you keep reading you will see someof the biggest mistakes that first time buyersmake and know what to avoid when it comes
time to buy your own first home.
A BIT TOOSNUG ANDSMALL
If you are newlyweds or plan to starta family soon you should definitelyavoid choosing a property that is abit too cozyDon’t go for a two-bedroom homeas you will find yourself a littlecramped when child number twoarrives Three-bedroom houses aregenerally more suitable as, if do youstay at the property for more timeThey offer enough space tocomfortably start a family
TOOSPACIOUSA six-bedroom house will offerplenty of space for guests andyour future children to grow up,but it may not currently suit theneeds of you and your partner.You won’t need the extrabedrooms for many years andmay be paying a much largermortgage than you presentlyneed to
THE PROJECTIt may be tempting to buy yourself aproperty in need of some renovationwith a little workThere are plenty of TV shows thatshow the transformation a homecan undergo with a couple of bigjobs and a few weekends of paintingand decoratingLots of project homes overrun ontime and go significantly overbudget If you can realistically perfect yourhome within a reasonable budget ,you may have found the rightproject
Swimming pools, hot tubs,
large front and back gardens,
etc. all require lots of time and
considerable expense to
maintain. Are you happy to
spend your free time and cash
maintaining the idyllic
appearance and features of
your home? If not, then you
should find something more
manageable
THE FREETIME KILLER
THINKING OF YOURNEW HOME AS ABUSINESSINVESTMENT
If you are thinking of your firstproperty as an investment, and aremore concerned by a home’s sell onvalue than you are by its suitability asa living space to reside, you shouldstudy the market very thoroughlybefore making any decisions. Take asmuch expert advice as you can andthink carefully before you make anoffer and sign the paperwork
FORGETTINGTHE LOCATION
While your own needs may notbe affected by a home’slocation, sometimes it willgreatly affect future buyer’sneedswhen it comes to selling Itsdifficult to find a buyer Make sure to keep an eye onthe school district and fiscalstrength of the area
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TOPMISTAKESTO AVOIDAS A FIRSTTIME BUYER