Buying a First Home
A Home Buying Article Contributed by Elizabeth Fox-Wise
Buying a First Home is an Exciting Yet Scary Time
Buying a first home is something that many people dream about beginning in childhood. We spend the first several years of our adult life planning the type of home we would like to buy and where we want our home to be. Because a home is the largest purchase most people will ever make, we also usually spend several years saving up a down payment for a home and getting financially strong enough to be a home owner.
When you are finally ready to consider buying a first home, you will probably experience mixed emotions. You are excited about realizing your dream of buying a home, but you are petrified of the huge financial responsibility you are under taking.
Because a home is a very personal, emotional decision, your judgment can become clouded when choosing which home to buy. Emotional motivations often prevent the home buyer from doing enough research before choosing the home to buy.
Look at Several Houses before Choosing a Home to Buy
By far the biggest mistake that most first time home buyers make is not looking at enough houses before making their choice. Perhaps this is because it such an emotional purchase, like we discussed above. Or perhaps it is because of the fact that it takes us so long to get to the buy decision that when we do get there we do not want to waste any more time getting into our home.
Whatever the reason, not looking at enough homes before choosing which one to buy will often lead to the new home owner regretting the choice that he made. It is recommended that you look at least seven - ten homes before picking one that you want to buy. Not only will this give you a basis of comparison when making your choice, but it will show you that there may be more than one home available that has an emotional pull for you. Both of these factors will help you to make a more objective choice of which home to buy.
Other Things to Keep in Mind When Buying a First Home
Most of the time when you look at a home for sale it is occupied and decorated. It is important to image the home empty or filled with your possessions. When the current owner leaves so does all of his decor.
Never underestimate the inspection. You are making a long term purchase when you buy a home. There are other things to consider besides those things that you can see with your eyes. Go over the inspection thoroughly and review structural condition of the home such as the roof etc.
Be realistic about the home that you can afford to buy. Get pre-qualified for a mortgage, the process will help you to understand your monthly expenses and income and how much of a monthly mortgage payment you can comfortably handle. Make sure that the houses you look at are within your price range.
Most importantly don't put so much pressure on yourself to buy the right home that you buy none at all. Many people own more than one home in their lifetime. If something better comes along at a later date, you can always sell this one and buy that one!
