Buying your first home is an exciting milestone to reach in one’s life. Making the switch from renting to buying is a great feeling. However, far too often first time buyers put themselves through more trouble than necessary by making a few major mistakes. To help make the buying process easier, Group Guaranteed Title in Fort Collins would like to remind you of a few things.
- One common mistake first time buyers make is using as much money as the bank is willing to loan them to buy their first house. Just because they will give you a certain amount does not mean you have to spend it all. Be smart about money and plan for unexpected setbacks. If you hit hard times, you still need to cover your mortgage.
- Also, know how much space you need. A lot of first time buyers fall in love with big beautiful houses that are too much for them at the moment. Have a general idea, or plan for the foreseeable future and buy an appropriate sized home.
Forecast the Neighborhood
- When choosing a neighborhood it is incredibly important to guess with the best of your ability what it will be like in the future. First consider how long you expect to live in your first home. If you have young children or are planning to have kids, research the schools. Look at their past and how they are now. You can usually tell a lot about a neighborhood from the schools.
- Another thing to consider when selecting the ideal neighborhood is the possibility of future development. Buying a home is an investment, and if you choose the right area at the right time, you could turn your first home into a profitable venture when you sell; or you could find the ideal undeveloped area that will be perfect to raise your family for many years to follow.
Don’t Be Fooled by “Fixer Uppers”
- Finally, many first time buyers think they can find a run-down old home and make a project out of it. This is rarely an easy task; renovations cost a lot of money and take a very long time. Unless you have experience with home renovation already, it’s safest to find a move-in ready home. After all, where would you go if your new house isn’t ready and your old place is unavailable?
Play it smart when buying your first property; always save money where you can and don’t chase dreams you can’t make true at the moment. Remember that this is just your first home; you have the rest of your life to upgrade. When you find that perfect dream house for your family, you’ll want to protect your investment and hard work. If you have any real estate questions or need title insurance in Fort Collins, call our experts today at (970) 613-4364 and we’ll take care of you.Share this post...