There are plenty of articles full of useful tips for home buyers, especially for first-time home buyers. Accordingly, I am not going to repeat them. Instead, I am going to offer some additional tips that most articles don’t tell you.
Use a Checklist
Home-buying is emotional, so utilize a tool to make it more rational. Make a checklist of your must-haves, nice-to-haves and other essentials. Print copies of this checklist to use every time you visit a house. Take photographs to help you ensure you can cross each item off your list. If you fall in love with the house and your checklist shows that the house is missing some of your must-haves, it will at least make you pause and think before potentially making the wrong decision.
Look Beyond Staging
The psychology of house staging does work as staged houses look far better than houses that are still being occupied. When you are considering a house, mentally try to remove the staging. Pay more attention to the layout of the house and the structure itself. Note this also applies to homes with ugly furniture and/or wall paper. Look beyond those items to see the potential.
Examine the Homeowners’ Association Contract Before Buying
Once you identify a neighborhood you love, get a copy of the HOA contract. Your realtor can easily get one for you. You will learn a lot by reading the contract, such as whether you can turn your new home into a rental property. If you are buying a house that is part of an HOA, it is important to read the HOA contract before you do anything else.
Learn about Neighborhood Demographics
If you are buying a house in a neighborhood full of renters, it only takes a few bad renters or bad landlords to drive the neighborhood down fast. If the neighborhood is full of single people, will you be happy there if you have kids?
Understand the Home Purchase Contract
A house is probably the largest purchase you will ever make in your life, so make sure you understand the terms of your contract. If you don’t understand any of the terms, ask your real estate agent. If they won’t explain the terms clearly to you, fire them. There are enough people who will be more than happy to help you and work for your business. Note that this also applies to your mortgage documents as well.