What You Need to Know Before You Begin House Hunting for the First Time
So, you’ve decided that it’s time to invest in your first home. You’ve saved your down payment, gotten your mortgage pre-approval, and you’re ready to start the hunt. There’s no question that this is an extremely exciting time for you and your family, but before you dive in, know that there could be a few hurdles that still lie ahead. Here are a few things you should expect from your first foray into house hunting:
You’ll have to make some difficult decisions.
What’s more important to you? Do you prefer space and amenities or prime location? Oftentimes, buyers are forced to sacrifice what they thought were “must-haves” in order to get a house in a desirable location. It’s an age-old conundrum, and it’s the reason behind the adage, “location, location, location!” Most will tell you that there is nothing more important than the location of a property.
The reasoning behind this is that you can add to a home or remodel it to meet your needs, but you can’t change a property’s location. For some buyers, however, the prospect of gutting a property and rebuilding it from the inside out is simply too much. So, it really comes down to what you want and need most.
It pays to think ahead.
When you purchase a new home, it helps to think ahead of your current situation. Think about things like your plans for your family; do you plan to have more children while you’re still living here? Consider any future building plans in your area that may affect your home’s value. Will any playgrounds be popping up in the neighborhood? Are there any plans for extensive road construction in the near future?
If you discover anything that might affect your ability to live comfortably in your new home for several years to come, then it may be best to skip this one and keep shopping around.
You can renegotiate after you see your inspection report.
It’s clear by now that a home inspection is essential to a successful real estate transaction. What many first time buyers don’t realize, though, is that they can use this as a tool for negotiation. So, you should never be afraid to give your best offer.
If a problem is discovered during inspection, you will have the chance to ask your seller to make repairs, replace fixtures, or any other remedies you desire. If it’s a deal breaker on either side, you can walk away and go back to searching for the perfect home for you.
If you’re ready to begin your search for the perfect home in Chicago or the surrounding suburbs, I would love to show you around! Contact me at (847) 226-8681.