The thought of becoming a homeowner is an exciting one, especially when it’s going to be your
first time owning a home.
While exciting, there are some things you should know before jumping in. The more you know beforehand, the smoother and more fulfilling your experience as a homeowner will be.
Know What to Look for in a Home
First and foremost, when looking for your first home, you have to know what to look for. This
often means seeking the services of a contractor or home inspector.
You’ll need to identify problems and understand how expensive any potential problem with the property can be.
If any, structural issues should be assessed by a professional so that you will know how costly it will be to fix once you purchase the property.
A leaky roof can be an easy fix. Black mold is not. Knowing the difference is imperative to your
success as a potential homeowner.
Have a Down Payment Ready Before You Buy
Whether you’ve picked out your dream home or not, you should have a sum of money set aside
for a down payment.
For conservatively priced homes, anywhere from $15,000 to $20,000 would be appropriate to have on hand for a down payment.
If you’re in an expensive metropolitan area like the San Francisco Bay Area, you may want to double or triple that.
Being able to provide a down payment shows sellers that you’re serious. It will also help save you a lot of time.
You don’t want to be stuck scrambling for a down payment at the last minute and have the home swept out from under you by a more well-prepared buyer.
Get a Firm Understanding of Where the Property Lines Are
Once you’ve decided on a home and have begun the purchasing process, you should make an effort to have the property lines explained to you in full detail.
Some new homeowners get into unnecessary and embarrassing disputes with their neighbors because they don’t have a clear understanding of who owns what.
Neighborly disputes can turn ugly very quickly and have you, your neighbors, or all of you
wanting to move away as fast as possible.