In the summer of 2007, my wife and I purchased our first home.
But even then, we still made a few rookie mistakes.
This post originally appeared onThe Simple Dollar.
Of course, its easy to see that nowafter the fact.
You know how the saying goes: Hindsight is 20/20.
Valuable Lessons for First-Time Home Buyers
But you live and you learn.
And in the end, thats all anyone can do.
Start Saving Right Away
The earlier you start saving for that down payment, the easier it gets.
If we had been on the ball even two years earlier, we wouldnt have had to do that.
The bottom line: The sooner you start, the better.
Dont Rush Things
Because of the timing of my wifes pregnancy, we felt rushed into our home purchase.
With a baby on the way, we knew our apartment would soon be exploding at the seams.
Although Im happy with our home purchase, I wish we hadnt rushed it so much.
I feel as though we settled in a way, and thats one mistake I still regret.
We ultimately chose the lowest rate out of three and went with our credit union.
Pay Attention During the Home Inspection
During the home inspection process, we thought we did everything right.
We followed the home inspector through every room.
One thing we didnt do, however, was check things out for ourselves.
The bottom linealways inspect the homeon your own and pay attention to the details.
Unfortunately, those love blinders can cause expensive mistakes if you fail to notice something wrong with the property.
Thats why its important to bring a family friend or relative along.
Since they arent buying the property themselves, theyre more likely to see it for what it is.
So get a second or third opinion from someone who isnt blinded by love goggles.
Different eyes spot different things, and friendly eyes will tell you the problems they see.
So dont shop just on price aloneconsider the quality of the policy and its coverage options.
If you ever need to file a claim, youll be glad you did.
Remember, dont count irreplaceable itemsyou wouldnt replace them anyway, and they have no real replacement value.
Dont rush into a furniture purchase.
You have plenty of time, so use it.
Upgrade it later onyou can have a few empty rooms for a while.
Save up until you might afford what you actually want instead of buying furniture just to fill a room.
Offer to Help Others Move for Years in Advance
How does this help you?
Well, imagine over a three-year period that you help 10 different families move.
Our big mistake wasnt the help we received, but how I managed it.
Dont have everyone come and help you at once.
But every home has some issues.
Explore the surrounding area before you submit an offer and fully commit to the purchase.
Meanwhile, other problems can be fixed, or at least endured until you are able to fix them.
For example, that problematic hot water heater was something we could change about the house.
Part of that process involves getting your own financial house in order.
Resist the Urge to Buy All the Home you might Afford
This one is really important.
Meanwhile, a smaller home can mean less money needed for repairs, utilities, and upkeep.
Who cares what the bank says you’ve got the option to afford?
Do the readers have any more suggestions for things theyd do differently with their first home purchase?
10 Tips for First-Time Home Buyers| The Simple Dollar
Trent Hamm is a personal finance writer atTheSimpleDollar.com.
Image bybplanet(Shutterstock).
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