6 First Time Home Buyer Mistakes – Taking your first step into the housing market can be a daunting experience. Unfortunately, there is no completely watertight step by step process to make sure you’re purchasing the right house for you. However, if you keep reading you will see some of the biggest mistakes that first-time home buyers make and know what to avoid when it comes time to buy your own first home. Don’t be a first time seller that regrets their decisions as a first-time home buyer.
If you are newlyweds or plan to start a family soon you should definitely avoid choosing a property that is a bit too cozy. It’s highly advised you don’t go for a two-bedroom home as you will find yourself a little cramped when child number two arrives and you’ll be looking to move to a larger home. Even if you do not have any immediate desire to start a family, plans can change over the course of a few years and the small two-bedroom old cottage you found adequate could become restrictive. Three-bedroom houses are generally more suitable. If do you stay at the property for more time than you initially expected, they offer enough space to comfortably start a family.
On the other end of the scale is the home that is much too big. A six-bedroom house will offer plenty of space for guests and your future children to grow up, but it may not currently suit the needs of you and your partner. You won’t need the extra bedrooms for many years and you may be paying a much larger mortgage than you presently need to.
It may be tempting to buy yourself a property in need of some renovation and bring it up to date with a little work. There are plenty of TV shows that show the transformation a home can undergo with a couple of big jobs and a few weekends of painting and decorating. However, lots of project homes overrun on time and go significantly over budget, even when handled by veteran homeowners. If you can realistically perfect your home within a reasonable budget and time frame, with simple upgrades, you may have found the right project house for you. But, if you spot several big jobs and the need for a major overhaul, you should avoid falling into a money pit.
Does your prospective new home have any luxurious special features that will require lots of maintenance or upkeep? Swimming pools, hot tubs, large front and back gardens, etc. all require lots of time and considerable expense to maintain. Are you happy to spend your free time and cash maintaining the idyllic appearance and features of your home? If not, then you should find something more manageable.
Every first-time buyer would like to enjoy their new living space for a few years, maybe make a few improvements, sell their home for a handsome profit, and buy an even better second home. But treating your first residential property as an investment opportunity, rather than a home to live in, can backfire and snuff aspirations. Sometimes you can make endless home improvements that just don’t resonate with the next potential buyer. And due to external factors, house prices don’t always rise and you are left with very little control over the value of your property. If you are thinking of your first property as an investment, and are more concerned about the potential sales value rather than its suitability as a living space to reside, you should study the market very thoroughly before making any decisions. Take as much expert advice as you can and think carefully before you make an offer and sign the paperwork. Here at LasVegasRealEstate.com, we would recommend you speak with our Preferred Partner: Residential Realtor to get the best possible advice for the Las Vegas, North Las Vegas, Henderson, and Boulder City markets. These folks have been selling real estate in Vegas since 1974 and know a few things about it…
While your own needs may not be affected by a home’s location, sometimes it will greatly affect future buyer’s needs. You may think you have found a bargain, but struggle to find a buyer when it comes to selling. Even if you have no plans to start a family or don’t mind being located in the rough around the edges side of town, you should consider what future buyers will look for. Make sure to keep an eye on the school district and fiscal strength of the area.
Thank you for reading our post, “6 First Time Home Buyer Mistakes.” For more Las Vegas home Buyer tips, information on moving to Las Vegas, Las Vegas real estate market news, information on Las Vegas homes for sale, buying a home in Las Vegas, or general real estate information please visit our website www.lasvegasrealestate.com.
Posted inLas Vegas Real Estate Blog
Blog
Nevada Housing Market Update for September 2021 Summary of Findings The Las Vegas metropolitan area and Laughlin saw the most robust growth in single-family home prices of any major region in Nevada as prices increased 19.6 percent year over year in both regions. Mesquite saw the lowest gains in prices as prices increased 1.6 percent […]
Nevada Housing Market Update for August 2021 The Nevada Housing Market Update for August 2021, presented by LasVegasRealEstate.com and published by The Lied Center for Real Estate at the UNLV Lee Business School. LasVegasRealEstate.com is pleased to offer the report summary here as well as a link to the entire report. Nevada Housing Market Update […]
As the Las Vegas real estate market shakes off the effects of COVID-19 it faces a housing inventory crunch. The data is nothing short of amazing as inventory plummets and prices begin to rise. The information below tracks the last six months of inventory, % change year-over-year, units sold, and days-on-market for single-family homes, condos, […]
Get in Touch