Thinking of Buying a Home for the First Time?

After being in the real estate business for almost 25 years I’ve heard so much feedback from first time home buyers on things they wish they had done differently when purchasing their 1st home. I thought I’d share a few of those with you if you’ll be shopping for your first home this spring.

One of the biggest complaints I hear most from first-time home buyers is that their new homes turned out not to be enough space in a much faster time frame than they originally anticipated. When you’re buying your first home you may be used to living in a small apartment or even still having a room at home with parents, so it’s easy to get ahead of yourself and think you’ll be content with only one bathroom or minimal closets. As expected most first-time home buyers start their family and or add pets to their home and quickly realize they need more space.

Another regret we often hear is that although they bought homes in neighborhoods they could afford at the time, they wish they had purchased a home that didn’t check all the boxes on their wish list thinking this could have allowed them to purchase a home in a better neighborhood. Thinking that this would’ve allowed them to make improvements to their home as their family grew and their income increased and not price themselves out of the neighborhood.

Being a first-time home buyer and not used to the cost to upkeep a home, many buyers aren’t prepared for the extra costs unexpectedly added to their budget. Some buyers feel they overspent on their first home and weren’t prepared for home maintenance on top of the

planned updates to their new home. In some cases, first time buyers want the latest and greatest appliances or furniture right after purchasing their new home. They haven’t yet had time to get used to their new home payments with utilities. The incentives offered at some local stores with 0% interest or no payments for a time period can be very enticing, but most buyers wish they had waited at least a year before they made such purchases. Too many times about the time the payments start on their new purchases, home maintenance issues they weren’t anticipating arise such as possibly needing a new roof or installing new furnaces and or air-conditioning systems.

In home ownership, we can never anticipate what unexpected repairs might be needed in the future, so it’s important for buyers to have additional funds in their budget for these types of home maintenance.

The most common reason why buyers choose their first home is simply that the home fit their budget at that time. Next was of course followed by the property being move-in ready and in a good neighborhood. Of course, we always hear in real estate, location! Some buyers feel it’s more important to be located close to their jobs and in good school districts.

Rick and I strongly suggest our Buyers make a list of the “Must Haves” they are looking for in a home and then a list of items that are “negotiable”. We always educate our clients on what we feel are the most important things when looking for their home. We always advise our clients; you can never change the location and it’s not easy to change the floor plan. You can always make improvements to the home or even add additional sq/ft, but if you don’t want stairs you shouldn’t settle on a 2-story home. In real estate it always comes down to location, location, location!

The bottom line is there are many things to take into consideration when purchasing a home and we’d love the opportunity to help guide you through the process. The Rick and Tracy Ellis Team have many years of experience and a team of amazing agents that will work hard for your best interest!

By Ellis Broadcasting & Media, LLC