Unfortunately, there isn’t one checklist to follow that meets all home buyers’ needs. However, here are some tips to help first-time buyers avoid making these five common mistakes.
1. Choosing a home that’s too small. You may not be planning to have children when you buy your first house, but those plans could change in the next 3-5 years. A cozy two-bedroom bungalow tends to get very crowded after the second child arrives.
2. Choosing a home that’s too large. A five-bedroom Victorian may feel luxurious, but owning such a spacious house before your family has grown into it can be costly. In addition, your tastes in housing styles may change over the years.
3. Buying an underpriced property. You may stumble on a house that’s a great bargain: priced to sell fast. It may be because the owners need to move quickly and have priced their house below market value. However, there may be other reasons that the house is underpriced, which means you’ll have to deal with those issues whenever you sell.
4. Investing in a fixer-upper. It’s tempting to buy a house with great potential and plan to rehab it yourself. Unless you really enjoy carpentry, plumbing and painting – and have lots of free time and cash on hand – you may find your dream home has morphed into a nightmarish money pit.
5. Falling for the amenities. Maintaining lush landscaping, a huge vegetable garden, massive trees, a pool, and an oversized lot can easily steal all of your leisure time. As a new buyer, you may want to minimize the number of amenities you have to care for this time around.
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Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, Diversity Specialist-HOWNW, Earth Advantage Broker, MASTERS CIRCLE, CSA-Certified Staging Agent, Oregon First, Washington First
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