You can’t make this stuff up and hopefully you will learn something from this article before making one of your biggest investments of your life. I recently had a conversation with one of my peers at work about this very topic and she took the liberty to poll her friends who recently purchased a new home for the first time. Here are their top 10 fears of purchasing a new home;
- Not choosing the right lender
- Home inspector not finding everything wrong with the house
- Not knowing the rules about home-ownership
- Extra expenses when things go wrong
- Not knowing about how long you’re going to live there
- Lack of knowledge when it comes to home repairs and Improvements as a single lady
- We thought “Buying a foreclosed house is bad luck”
- Hidden costs in new houses like landscaping and fencing
- Hidden costs with condos: Everyone will move out of condo building and assessments will go up
- Who do you call when you need home repairs?
I would say that number 1 is certainly the most important. When you choose the wrong lender you’re off to a bad start and a start that will haunt you forever or until you refinance.
The best advice is to speak with a family or friend about their experience as a first time homeowner. Asking the right questions is important and going off the list above is a good start.
If you’re starting a family, it’s important to know what school district your children will be attending and how well the school ranks in the state. Check out greatschools.org web site to search by city, state, school type, grade level and distance.