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Thinking About Buying Your First Home? Everything You Need to Know But Were Too Afraid to Ask!

So you’re finally ready to buy your first home! Whether it’s with your significant other or alone, it’s definitely an exciting and daunting time all in one. It can leave you feeling terrified and doubting whether you’re even making the right decision. So without further ado, here is the ultimate ‘buying your first home’ checklist for dummies – make sure to go through each one to make sure you’ve considered all angles and are totally ready for this big decision!

 

Is buying even for you?

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There are a few factors that could point you in the direction of understanding that buying just may not be for you. Some examples of these could be; if rent is cheap in the area you’re interested in buying and buying is expensive – this could mean your return on investment may not be has high as you’d want. Other reasons could include; not feeling secure with your job, not knowing your concrete plans for the next few years (whether you’d like to move etc.) If any of these are the case, then consider renting until you’re in a more stable position.

 

Take advantage of all resources.

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One thing that first home buyers have to take advantage of, is the First Home Buyers grant. Luckily this is a great time to buy a house as it’s been raised quite significantly this year (from $7000 to $1000.) Those few extra thousand dollars can make a big difference when securing your first home. Companies like Homestart and others are making young couples dreams come true. Click here for information about home owners grants at Homestart

 

Be reasonable with the costs

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If you’re buying a home that is out of your budget, you’ll find yourself spending most of your salary on the mortgage payments each month. This could cause a lot of stress and anxiety until it’s paid off (which could take many years!) And what if other unexpected expenses pop up in the interim? Instead, choose a home within your budget – after all, this is only your first home – it’s not supposed to be absolutely perfect and everything you’ve ever dreamed of. That type of house can come later down the line!

 

Make sure to invest in inspections

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Before buying a home, you must make sure that you don’t cut any corners on inspections. Some things are worth the investment! There have been too many horror stories of young couples purchasing their first homes and then finding out about significant problems within their home that ended up costing them tens of thousands of dollars.

 

Be smart about where and what you buy

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My father always told me “always buy the worst home in the best street.” This is something that runs true today, and will continue running true for years to come! The area in which you buy your home will have the biggest impact on how much profit you make in years to come when you decide to sell. Don’t be put off if the home isn’t stunning – you can always renovate down the line!

 

Thanks to freedigitalphotos.net for the images! 

 

About Jess

Jess hails from Sunny Australia and is the youngest of the frugal ladies. She loves shopping for a bargain, reading, watching movies and spends most of her life on the beach

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  • Robin Rue

    I remember buying my first house and I was stressed the entire time because I had no idea what was happening.

  • This is a great post. It is so stressful in buying a house. Wish I had your ideas to read. Thanks for sharing.

  • Stacie @ Divine Lifestyle

    This is such a great resource! I wish I’d had this when we were buying our fist home.

  • jaimemckee

    We bought our first home 7 years ago. It was a stressful time (just the paperwork and inspections and all the worries that we had during the couple of months) but it was so worth it in the long run.

  • So many things to think about. If you have kids research the schools they will be going to !

  • Cinny

    I didn’t even know there was such a grant!

  • redheadbabymama

    We’re about to have our home inspection on our new home. we close in less than a month!

  • Pam

    Home inspection is definitely important! You need to know what you’re getting into.

  • shopwithmemamakim

    Great post! Definitely use all the resources you can! Great advice!

  • kickingitwithkelly

    We are working on repairing our credit so we can buy our first house. This was a post filled with great information for me.

  • It can be so daunting, buying your first home. Any cash that can be saved doing so will help a lot.

  • We bought our first home this year and I feel like I learned quite a lot. It was a short sale too so probably learned more than I wanted LOL

  • Sara P.

    Such good info. We haven’t purchased a home yet, but more and more, we are learning toward building a shipping container house.

  • Veronica Solomon

    Buying a home is almost always a good idea. Better than paying rent

  • Debbie Denny

    Good info. I would recommend buying.

  • Crystal

    I agree with your father. We shopped for a neighborhood more than a house.

  • Jeanine @ sixtimemommy.com

    This is great. We are considering buying in the near future and the whole process scares me a little bit!

  • Amy Desrosiers

    I remember my house buying process..it was actually easy! We took a full 30 days from start to finish until we moved in.

  • We rented for years because we were moving around. We finally bought 2 years ago and now I don’t ever want to move!

  • mail4rosey

    I’ve always been the one on the deed. When we moved to the state we’re in now, hubby became the deed owner. He hates it. I love owning a home and couldn’t imagine otherwise, but I can def. see how it’s not for everyone.

  • valerie g

    great information. I did buy my first home about a year and half ago. up until then i was renting and then moved in with my husband who owned that home. it’s nice to have one that is ours that we bought together.

  • Debbie Lamb

    Good information – when we bought our home we had no clue what to look for

  • *M* from K&M

    We were very careful to buy a house well within, even below, our budget to be sure we don’t invest in something we can’t actually afford.

  • Chrystal M.

    I was pretty thankful that when it came time to buy my own house I had worked in the accounting and banking field so I knew how the mortgage system worked. My mother was a real estate broker and had her own business.

  • I had a really great first time buyers experience. The agent was really helpful too us, because we were so young and her was honest.