The biggest risk for a first-time buyer is not missing the right home. It is buying the wrong one. These five checks, done before you write an offer, protect you from most expensive mistakes.
1. Know what the home is actually worth
The list price is the seller’s opinion. Before you offer, look at what similar homes nearby have sold for recently. If the home is priced well above them, you need a reason why.
2. Look past the staging and paint
Fresh paint and nice furniture are good signs that a seller cares, but they tell you nothing about the roof, furnace, windows, wiring or foundation. Ask how old the big-ticket items are. Those are the costs that catch new owners off guard.
3. Check the location at different times
Visit on a weekday morning and again in the evening. Notice traffic, parking, noise and what the home backs onto. You can renovate a kitchen. You cannot move the house.
4. Think about resale on day one
Most first homes are not forever homes. A layout, lot or location that is hard to sell will still be hard to sell when it is your turn. Ask your realtor how long similar homes usually take to sell.
5. Understand your conditions
A home inspection and financing condition give you time to confirm what you are buying and that your lender agrees with the price. Talk through the trade-offs with your realtor before you decide what to include.
How we help
At LoveThatHouse we research a home’s value and its risks before you make an offer. If we think a home is overpriced or not right for you, we will say so. We would rather educate than pressure, and we enjoy working with first-time buyers.
Ready to start looking?
Call Chris at 226-338-6840 or Dave at 519-501-9540, or send us a message through the contact page.