I remember buying my first home. It was an exciting, strange, and scary adventure all at once. There were so many overwhelming emotions and experiences, that much of the process was a blur. Hopefully I was a bit savvier the second time around, but it would have been useful to have the information in the article, “10 Valuable Lessons for First-Time Home Buyers” http://lifehacker.com/10-valuable-lessons-for-first-time-home-buyers-1707255214. It gives good advice to people buying a home for the first-time and even those who have already gone through the steps.
Recommended Tips for the First-Time Home Buyer
- Start Saving Right Away
- Don’t Rush Things
- Build Your Emergency Fund
- Price-Shop for a Mortgage
- Pay Attention During the Home Inspection
- Get a Second (or Third) Opinion
- Shop Around for Homeowners Insurance
- Don’t Go Furniture Shopping the Day After You Move In
- Offer to Help Others Move for Years in Advance
- Know What You Can Change, and What You Can’t
The article gives more information on each of these points. It also adds a few more tips to improve the process that include making sure your credit is in good shape, paying down your debts, avoiding new debts, and resisting the urge to buy all the home you can afford. The last one brought back a memory from my own first-home purchase when the mortgage broker told me that I could afford a much larger home. My response to her was that I wanted to be able to afford a vacation and not just own a home!
Hopefully, you’ll find these tips helpful and make what is typically your biggest purchase a little less strange and scary!