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First Time Home-Buyers Beware

June 14, 2010 · Print This Article

By: Steve Moore of Budget Bath – Bathroom Remodeling

Buying your first home, is a very joyous, and emotional time, and for good reason too. The thought of ownership is a major part of the American Dream, and everyone should experience it at some point in their lives. But beware! The safe road to buying your first home is riddled with danger, marked with signs written in other languages, like Legalese, and Salesmanese. If you can’t avoid the danger, decipher the signs, and pick the best route, you will be in trouble.

The first thing you will need on the road to ownership, is of course, to know where you are going! You need to do your research and pick a correct budget. Find out how much you can afford to spend, and how long you want to pay on a mortgage. You Do Not Need To Be House Poor, no matter what anyone says. Once you have this budget, the next thing you will need, is a guide. The choice to not have one is one of the first mistakes younger home-buyers make. Two people are suited for this kind of journey…

1. A Buyers Agent: a buyers agent is experienced in all aspects of the home buying process, and can show you where the Real deals are (notice I said said real with a capital R). One of the biggest mistakes is using the sellers agent to do the negotiating. That doesn’t work because the selling agent is getting a paycheck from the sellers, not from you. So use a buyers agent and don’t get lost.

2. A Home Inspector: You don’t want to fall into a treacherous Money Pit, do you? The home inspector’s job is to make sure everything is in proper working order, and that it won’t cost you money down the road, so having one of these men or women around is of great benefit to you. Most first time Home-Buyers try to save a couple hundred dollars by either doing it themselves, or having a construction worker friend do it for them. Now, this is not to hate on construction wokers, since the author of this article used to be one, but we are good at building things, and fixing problems, not at finding minor evidence for impending the problems of the future. So, GET A HOME INSPECTION!

The second thing you will need to do, is learn how to read the road signs. This means learning a few foreign languages, the first being legalese. Legalese is the language used on contracts, and you want to make sure you know what you are reading so you know how to escape a bad situation, or bad purchase. You don’t want to be responsible for all the problems in a home that you did not know about, So watch out for homes being sold As-Is. You also do not want to be signed into a exclusive buyers agreement, so if your buying agent is not up to snuff, you can fire him.

The next language is Salesmanese, you need to know the that buying your first home is a very emotional experience and every agent makes money when you purchase. So, they will try to get you into every home you see. If you have a good agent, they won’t be that bad, but you still want to keep a level head, and understand how salesmen can manipulate your emotions.

The last issue I want to write about is the objective itself. Many first time Home-Buyers keep looking until they find the “perfect” home. They pass up many a good deal, and sometimes land in a home they did not want because they waited to long to purchase. You should be looking at a homes potential, not just what it looks like currently. Other than that, HAVE FUN, it’s your first home… It’s my hope that you take this information and get into a first home safely and end your journey with a home that fits you and your family.

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