The First Time Home Buyer’s Guide

The First Time Home Buyer’s Guide

Buying a home can be a defining moment in the transition towards adult life. With home ownership, an individual has opened up a world of opportunities for himself or herself. While buying a new home can be a great experience in one’s life, it’s important to research any home buying decisions thoroughly before purchase. The following guide provides simple tips and tricks for individuals buying a new home.

Researching Different Financing Options

When buying a new home, it’s important to make sure one has researched the implications of a mortgage or other financing options. With the current economic crisis, millions of homeowners have been left with mortgages that exceed the value of their homes. In these situations, homeowners can continue to pay their mortgage, or they can default on their loan. Neither of these scenarios is desirable.

To avoid these types of problems, it’s a good idea to look at how different factors could impact the future value of a home. If lot of neighboring homes are for sale, a neighborhood may be on the decline. In many cases, neighborhoods with lots of empty homes have lower average home prices than neighborhoods with only a few empty homes.

Home Inspections

It’s also important to make sure that a home is in good condition before purchase. With a mortgage, most banks will require homeowners to have a very thorough inspection. This inspection will check the electrical, plumbing and sewage systems of a home for damage.

In addition, a home inspection will reveal any structural issues that may cause a problem in the future. For example, some homes have problems with termites and other pests. Since the damage caused by termites may not always be visible, it’s essential to have a thorough home inspection prior to purchase.

Understanding the Neighborhood

It’s also a good idea to find out information about different schools available in one’s area. In many cases, students will only be able to attend public schools that are located near their home. While this may not be a problem for students attending a private school, it can limit the number of available options for students who attend public schools.

It’s also a good idea to research one’s neighbors before purchasing a home. In many cases, it’s possible to get an idea of the “vibe” of a neighborhood based off of one’s neighbors. In addition, this can be an excellent way for people to make new friends.

Hidden Fees

When buying a home, it’s also important to understand how home owner association (HOA) fees can impact the overall cost of a home. With a HOA, homeowners enjoy a variety of benefits. For example, a HOA usually covers the cost of maintaining public spaces in a neighborhood.

This can include shared parks, swimming pools, tennis courts and other semi-public places. However, HOA fees can add several hundred dollars to one’s monthly living costs.

It’s also important to weigh the pros and cons of condos and traditional homes. With a condo, an individual won’t need to worry about maintenance for the exterior of the building. In addition, condo life is usually much simpler than home ownership. It also gives an individual a variety of benefits.

Many condos include access to gyms, pools, tennis courts and more. However, an individual will usually pay higher HOA fees for a condo than a traditional home.

It’s important to research any home buying decision very thoroughly before acting on it. This can be a great way to ensure an excellent experience as a new homeowner.

Author Bio:This article was written by Brett Berry on behalf of The Richland Apartments in San Antonio, Texas – if you’re in the area, feel free to stop in.

1 Comment

  1. one
    Comment by Mike@Prefab Housing: Sep 17, 2012 at 11:08 PM

    Buying a home can be a scary prospect. I like that you mention the hidden fees Brett since those can definitely add up. You didn’t mention anything about any prefab options though, might be a little daunting for the first time buyer though 😉

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