3 Tips for Buying Your First Property Right
When you first jump into the real estate market by purchasing your first home you have the opportunity to make some great decisions. Nowadays, not all that many people buy a home and remain in it for decades like they used to. That being said, you should pay close attention to a few things when you finally are ready to put down all the money you have been saving for your down payment. Here are some tips.
Choosing the Right Neighborhood
This advice can apply to your second, third or more home, but especially on your first property as there is probably a greater chance of outgrowing it and needing to move. Choosing the right location is always key. Chances are you won’t be purchasing in an “A” location unless the property you find is in need of significant work which you may want to avoid. Finding a “B” or even a “C” location can be just as good. Many of these areas are “up and coming” and will be more affordable with a chance of increasing property values. Do your homework for price trends as well as what plans are in the works for the area.
Avoid a Full “Fixer Upper”
Many of the TV shows that you see today make it look much easier than it really is. You don’t want to have to learn all about remodeling, find contractors and teach yourself with expensive mistakes on your first home. It is best to start off slow and small. Instead of picking a property that needs structural renovations or significant plumbing work, perhaps stick to one that only requires cosmetic updates such as paint, new carpet or a new bathroom floor.
Make Your Negotiations Count
While it is true that you need to make your offer competitive in today’s market, things are changing and you don’t have to buy a property if the seller doesn’t agree to the terms you want. Focus on finding a property that doesn’t necessarily need a lot of work, but one that you can potentially get for a good price. Keep in mind there is more to negotiate on than just price as well. Consider things like repairs that need to be done, timing of closing or even furniture or fixtures that were not originally included.
In the end, buying your first property right can set you up well for the future. Start out small, slow, cheap and negotiate well. These are all things that are within your control!