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- Think re-sale: When buying your first home, you may know going into it that you plan on expanding your family or taking care of elderly relatives in the future so you may be planning to stay in the home for just a few years. In that case, consider the location of the prospective home in terms of school district, neighborhood, etc. If you buy a home in a less than stellar school district or a home on a very busy street, more than likely you will dramatically reduce the number of interested buyers in the home when you go to sell.
- Make a list: Make a list of the must have’s in a home, nice to have’s, and other essentials. When going through homes, see how the house matches up to your list; it can make the decision process much smoother and the process of evaluating homes much easier.
- Consider all expenses: When looking at a potential budget, don’t just consider the cost of the mortgage, taxes, and insurance. Look at the bigger picture and consider utilities, commuting costs, cable/internet costs in the area, etc.
- Read the HOA contract: If buying a home that is part of an HOA, get a copy of the HOA contract before buying and read through it. For example, your long term plan might be to rent out the house eventually, but the HOA contract might state that none of the houses in the neighborhood may be rented.
- Research grants and other funding: Many people may think their income is not low enough to qualify for various grants and funding sources but do your research. You may be pleasantly surprised to find out that you do actually qualify for assistance.
- Understand the contract before you buy: Buying a home is probably the biggest purchase you will ever make, so be sure to read and understand the contract before buying and clarify anything you don’t understand with your Realtor or mortgage lender.
- Don’t always buy for the view: Unless you own the land between your home and the view, don’t buy just for the view. Any number of developments might be built to obstruct the view if that land is not owned by you.