05/23/2022
-- Three Important things to consider when buying your first home. --
There are a ton of mistakes that first-time buyers can avoid but here are the top three in my mind and the benefits of working with a brokerage that can help mitigate these risks.
1. Buying on your own
Many first-time buyers attempt to cut costs by purchasing their home without the help of a trusted real estate agent. This can result in unexpected problems and thousands of dollars in expenses down the road. A real estate agent can help you understand home inspector reports, legal contracts, and financing - important parts of the home buying process that can get complicated on your own.
2. Skipping the home inspection
Many first-time home buyers quickly get emotionally attached when they find their dream home. Letting your emotions get in the way can make rational thinking difficult. It’s crucial not to take risks like skipping over the home inspection to secure the home before others. The home might look great at first glance, but you can easily miss less visible problems like asbestos, flood damage, HVAC system leaks, termite damage, or even structural and engineering issues. Finding these problems after you’ve made the purchase can quickly turn your dream home into a nightmare.
3. Forgetting the important documents
An AngusReid survey commissioned by Willful found that 1 in 4 home owners don’t know what would happen to their home if they pass away. Sure, signing your will isn’t as exciting as signing your closing documents, but it’s a key document to have in place to protect your new asset. Without a will, your home may not be left to the beneficiary or beneficiaries of your choice if you were to pass away. How your home’s ownership is passed on depends on whether you’re purchasing it as a sole owner, as a joint tenant or tenant in common - but it’s just as important to have a will in any scenario.
Do you know who would pay your mortgage, maintain your home, and do repairs if you were to become incapable of doing so due to an illness or injury? Many first-time home buyers don’t have an answer to this important question. When you buy your first home, it’s important to create a power of attorney for property to appoint someone you trust to manage your responsibilities as a homeowner in the event you were incapacitated. It’s a simple way to make sure that you don’t get behind on your bills or your home doesn’t fall into disrepair.
--
