Many real estate agents have repeated the same advice to their first time home buyer clients: Remember that you may have to compromise on some things. Not every home has the perfect floor plan with the ideal commute to work and is in your preferred school district. The fact is, when you finally find the home you will make an offer on, it may only have some of the qualities on your must-have list.
For the most part, that’s ok. Compromise is a part of life, and it’s a part of home buying. That said, there are several things that first time home buyers would be better off refusing to budge on. Some things aren’t worth the compromise.
The number of bedrooms
Your family might be small right now – nearly one-quarter of home buyers are single, according to research from the National Association of Realtors – but that might change over the next few years. Whether kids or other additions to your household are in your plans or not, it’s best to be prepared for changes in your current arrangement.
‘First time home buyers should look for a home that isn’t too small.”
Almost one-fourth of home buyers age 34 and younger plan to live in their new home for at least 16 years, while even more aren’t sure how long they’d like to live in it, according to the National Association of Realtors. The NAR also noted that oftentimes, home tenure lasts longer than originally predicted.
A lot can happen in a decade or more. It’s for this reason that Pennsylvania-based real estate agent Seth Lejeune told Realtor.com that first time home buyers should look for a home that isn’t too small.
“If you are recently married and plan to start a family, do not buy a two-bedroom home. Unless you bunk the kids together, you will be moving once the second child comes along,” he said. “Three is generally a good average. If you end up staying there longer than expected, you can start a family and still be comfortable.”
Sometimes planning for the unexpected is the safest way to go.
Some people enjoy long drives or train rides. Others simply do not. If you have ever traveled a long distance to work, you know which category you fall into. If you are someone who can’t stand long commutes, don’t settle for a home that’s an hour away from work. Business Insider points out that you likely won’t convert to a commute-lover, and chances are, the longer drive or train ride will quickly lead to buyer’s regret.
One thing to never compromise on is title insurance. This will protect you should an unexpected legal battle over the title of the property arise, according to Bankrate.
If you’re a first time home buyer, you’ll quickly learn there are many more costs associated with your purchase than the mortgage itself. Homeowners insurance, property taxes, homeowners association fees if they apply and others can take new home buyers by surprise. Then, even if you have found a low cost home loan, the purchase might suddenly seem much bigger than anticipated. Some prospective buyers might look for things they can forego to minimize the financial impact.
To learn more about your home purchase, talk to the experts at Lenox/WesLend Financial or call 844-225-3669. As heard on the radio, it’s the biggest no-brainer in the history of mankind.