The real estate landscape sure has changed rapidly in the past couple of decades. That first home purchase is farther out of financial reach for most young people, more so than the previous generation. And although there is information more widely available thanks to the web, it could in fact be more important than ever to work with a real estate professional who can guide you through this exciting, yet intimidating first big step to homeownership.
DO: work with someone you trust
Find out what's happening in Farmington-Farmington Hillswith free, real-time updates from Patch.
You may have a friend/sibling/cousin who works in real estate, but do take some time to think about the type of person you want to be working with. Ideally someone who will help you navigate this major milestone, someone who’s trust-worthy with your sensitive personal information, someone with experience and expertise in your market, and someone who’s opinion you respect.
DO: choose a home for your lifestyle
Find out what's happening in Farmington-Farmington Hillswith free, real-time updates from Patch.
You may have found your dream home from a size and layout perspective, but don’t overlook the importance of the lifestyle that will come along with it. Think about things like your commute to work, distance from friends and relatives, proximity to schools, parks, grocery stores, or even your favorite restaurant.
DO: expect to make some compromises
Unless you are building from the ground up, it’s a rare occurrence to find a home that fulfills 100% of your expectations. Before you begin your house hunt, make a list of non-negotiables (things like number of bedrooms, location, ceiling height, etc.) and a list of things that you’d like but are not completely essential (finished basement, powder room, landscaping). Be ready to compromise on a few of your dream items and commit to adding them down the road if the house is a great fit otherwise.
DON’T: invite too many cooks in the kitchen
It’s important to get the advice of those you trust and those who may have more experience in the field of buying and selling real estate, however inviting too many opinions in to the process will get you just that; too many opinions. Don’t forget to stay true to your own thoughts and feelings on the subject, and use your realtor as well as one or two trusted sources as sounding-boards.
DON’T: get too caught up with sale price
The sale price is quite obviously an important factor in your first home purchase, however that big (sometimes scary) number is only relevant to you twice in the course of your homeownership: when you buy, and when you sell. The cost you live with on a month-to-month basis is your mortgage (and other associated costs like utilities), so figuring out a number you are comfortable with on a monthly basis is actually paramount to the total sale price in most cases. Your purchase price will come in to play once again when you sell as you will have it in mind as a benchmark to either profiting, breaking even or losing money at the time of your sale.
DON’T: spread yourself too thin financially
As per above, be sure to do your financial homework and come to a monthly cost that you are comfortable with. In addition, it’s a good idea to keep a little ‘home’ fund on the side for unexpected damage and repairs (which do happen!). The number one tip for easing the stress of homeownership is not cutting it too close to your financial comfort zone.
Source: Shared Courtesy of the Chestnut Park Blog
