You’ve had it! You’re tired of listening to the noise that comes with sharing walls in apartment living. You feel like you’re throwing money away on rent and have been saving some money over the past few years. Now seems like the perfect time to buy your first home, right? Before you take the plunge, you may want to consider these four things before buying your first home.
Don’t Buy The Most Expensive House In The Neighborhood
It’s great to purchase a home that has been updated and looks like it was just built, but in buying the nicest home in the neighborhood, you limit the amount of equity you will receive when you sell the home. It may take years for the other homes in the neighborhood to reach the pricing of your home. Moreover, you will need to stay in the home for a longer to see a profit. On the other hand, if you buy a home that needs “a little work,” you immediately gain equity by completing the updates yourself.
A Beautiful Yard Takes Work
When you are hunting for your first home, keep in mind that the beautiful yard you admire so much will require a lot of time and energy to maintain. The sweat and hard work that you donate toward lawncare maintenance takes up a lot of your personal time. Of course, you always have the option to hire a professional landscaping company to maintain the property, but that will cost you dearly.
HOA Fees Rise Over The Years
When your neighborhood has an HOA and a project that requires attention such as the walking trails needing to be repaved, your home owner association fees will increase to address and remedy the concern. You and all the other home owners in the neighborhood are responsible for those fees even though you may not directly use the amenity.
A Home Inspection Is A Must
In your eagerness to buy a home do not opt out of the home inspection, because the inspection points out potential concerns that may cost a lot of money in the long run. You’d be wise to not waive this option or an initial small concern could become a large, costly issue later.
Time is money. Updates cost money. Not having information about an issue costs money. Consider these items before you decide to buy your first home.
If you are thinking about buying a home in the Carmel, Indiana area or the surrounding cities, The Keith Albrecht Team would be happy to answer your questions and assist in your search. Call the office at 317-580-9955 or visit us at https://keithshomes.com .
