You want to get the most from your money when you’ve got everything in order and are looking to buy that first home. It stands to reason you’ll want to be a savvy shopper and avoid the pratfalls that are out there waiting for a newbie, but some of those issues might not be the ones that you think of first hand.
For example, no first time home buyer checklist is complete without a cautionary note to keep your emotions in check during all parts of the process. Sure, we all know how intoxicating it can be to get approved and hit the market with the cash in hand ( so to speak) but everyone needs to remember that when it comes to houses, bigger isn’t always better.
You need to consider the fact that although the biggest house on the block has all the amenities you want right away, those homes often appeal to a small number of people so their resell potential is limited. Remember too that your house will increase in value as much as the houses around you. Simply put, smaller homes often have more appreciation.
Good first time home buyer tips also deal with staying away from trying to outguess the market. Any real estate agent will tell you markets are cyclical and trying to wait for the perfect time to buy is a waste of time since you’ll more than likely be in the place through a few of these real estate cycles.
Make sure you understand where your property begins and ends. Knowing exactly where the limits are to your land can help you avoid boundary disputes. When you remember your property taxes are generally calculated on the amount of land you own, you’ll see another great reason to understand exactly how much is under your name.
