There must be something in the water at work this week because numerous co-workers have mentioned their desire to begin the hunt for their first home. As a proud homeowner myself, I’m always thrilled to hear of people setting off on their own homeownership journey, and I love talking about the process, my experiences and what I learned along the way. Here are some tips for those of you who may be embarking on a home-buying mission for the first time:

Take your time.

This is probably the biggest, most important piece of information I can offer. Don’t feel rushed into making a decision because your realtor/family member/significant other/etc. is pressuring you to. Don’t rush a decision that is based purely on emotion (yes, that house is beautiful but are looking at the roof that needs replacing or the beautiful paint job in the bathroom?). Take the time necessary to absorb the entire, big picture.

By taking your time, you’ll feel more confident in your decision and be less likely to have buyer’s remorse later down the road. It will also give you plenty of time to save all that you should be saving for such a big purchase. This savings includes much more than just the down payment.

Proceed with caution.

Yes, the house is beautiful. It’s the right size, the right layout and you can find a million reasons why you must. have. it. yesterday. But what about the neighborhood? What about the schools, traffic, crime, re-sale value/potential, etc? What about your neighbors? If you’re buying a condo as I did, what about the bylaws and association policies and procedures? So many questions!

I recommend driving and walking around the neighborhood–during the day, at night, on the weekend and on a weekday (yep, four separate trips at minimum!). Doing so will give you a better sense of what the area is like for someone who lives there 24/7. I also am a huge proponent for “interviewing” your neighbors–especially if you share the building. Had I done this more thoroughly, I probably wouldn’t have had such an ordeal with my “lovely” first-floor neighbor (the original one).

I spent 6 months searching a variety of single family homes and condos before I made my decision to buy. Don’t be afraid to slow down the process if something doesn’t feel right or check out correctly–always remember to do your due diligence!

Schedule a professional inspection.

Before visions of paint chips and tiles begin to dance in your head, what about the home inspection? This is hands-down the most critical piece of the puzzle when you’ve made your decision on which home to buy. For further information, read my post on the 5 reasons why everyone must hire a home inspector.

Remember, your last name is not “Jones.”

This is your first home–there is no need to buy the largest, most extravagant place your paycheck will afford! In fact, you really should keep your housing expenses in total (don’t forget about condo fees, property taxes, maintenance, utilities, etc.) to less than 30% of your take-home pay. I prefer 25%.

You also need to remember that first home often means starter home. There will be more homes in your future! Your first home is a place to grow roots but remember that those roots will most likely be transplanted to another home down the road. So perhaps you forgo the granite and three-car garage this time around.

As you’re able to not only pay down your mortgage, contribute to your retirement and long-term savings AND still live your life, you’ll be happy that you didn’t stretch yourself too thin by trying to keep up appearances.

And on that note, never forget just how far a new coat of paint can go. 

 

What tips would you offer to first-time homebuyers?

 

Photo credit: Jada Villa Bali