3 First-Time Homebuyer Mistakes (and How to Avoid Them)
3 First-Time Homebuyers Mistakes (and How to Avoid Them)
Buying your first home can be exciting adventure. Some homebuyers get caught up in the idea of renovating an older home or handling a fixer-upper. While TV shows make it look ridiculously easy, the reality is that it costs more money and time than most buyers expect.
That's why a new build is the perfect choice for a first-time homebuyer and those looking for a low-maintenance lifestyle. New builds boast fewer maintenance costs, enhanced energy efficiency features and larger living spaces.
Read on to learn more about the common mistakes first-time homebuyers make and how choosing a new construction home can help you avoid them.
1. Thinking Fixer-Uppers Are Easy and Affordable
Whether you fancy a challenge or simply want to cut the purchase price, buying a "fixer-upper" can be tempting for first-time homeowners.
However, knocking down walls and renovating the place afresh takes a lot of time, effort and money. Such DIY projects may not be as easy as they look in a video. You may end up paying professionals to complete the task you started, or even to fix your mistakes.
More than that, older homes come with expensive maintenance needs. You may be forced to make costly repairs not in your renovation budget, such as replacing electrical wiring, fixing the foundation or replacing the roof.
Ultimately, the cost of renovations, maintenance and repairs can pile up to match or even exceed the cost of a new home.
2. Waiting Until Later To Buy a Home
Holding out for too long could be a costly mistake. Maybe you suspect interest rates will be lower a year from now, but home values consistently rise over time.
Entering the market sooner allows you to benefit from a lower purchase price and build home equity as home prices increase. Besides, there is no guarantee interest rates will be lower and if they are, you can always refinance.
3. Missing Out On Assistance Programs
There are several programs out there to help first-time homebuyers. These include local government and community programs that offer loans on favorable terms and grants. Your loan officer can walk you through available programs and help you understand the options available to get you in your dream home.
More Around the Corner From Imagination Homes
Imagination Homes is selecting top-quality materials, curating designs and color palettes, and preparing to build your new home. We can’t wait to welcome you home!
Related Articles
The Renting Vs. Buying a Home Debate
Renting a home vs. buying a home is an important decision you'll need to make early in the process of moving. While renting might seem like a flexible option, the reality is that waiting to buy a home can cost you in the long run. Buying a home is one of the best ways to build wealth, create stability and secure your financial future.
4 Myths About Buying Your First Home (And the Truth Behind Them)
Taking the leap into homeownership can be an exciting milestone, but the process can feel daunting and uncertain. If you're a first-time homebuyer, you'll probably get a lot of advice from family, friends and the internet. It's easy to become overwhelmed by all that information, including myths that could steer you in the wrong direction.
The Ultimate First-time Homebuyer's Guide
If you are thinking about buying your first home, you are probably feeling a bit nervous and excited about the prospects. This guide covers everything you need to know about buying a newly built home and highlights your advantages as a first-time homebuyer.
