|Want to Have No Regrets About Your New Home? Three Tips for First Time Home Buyers|
|According to CNN Money, the millennials who have been living with their parents are on the verge of moving out, and they’re going to be affecting the housing market in a big way. A new report issued by Harvard’s Joint Center for Housing Studies found that by 2025, millennials are going to form about 24 million new households and will be looking for new homes to buy.
For this reason, there are many people right now who are about to enter the housing market for the first time. It can be a confusing space to navigate, with plenty of first-time hurdles — even more so if you don’t work with experienced real estate agents. And as Today points out, there are a lot of former first-time home buyers who hold regrets. How can you move forward toward acquiring your new home, and not have any regrets about doing it? Here are three first time home buyer tips.
1. Get Enough Space
According to a recent Zillow survey of first-time home buyers, about 62% say they regret not buying a larger house, whether it comes to the number of bedrooms, the kitchen size, or storage. Homeowners often outgrow their new homes faster than they think they will. When you’re searching for your new home, consider not just the square footage, but also the layout of the floor plan, and how livable that space really is.
2. Knowing About Programs and Loan Assistance
Many people new to the market are unaware of things like the first time home buyers programs that are available for residents of many cities and states. As the U.S. Department of Housing and Development points out, there are FHA loan programs available that can help lower down-payment costs, and there are other first time home buyer incentives to choose from, such as the Good Neighbor Next Door program. Why is it important to save money? About 40% of homeowners wish they had put more money down on their homes, and 20% were surprised at how much it cost to close a home.
3. Parking, Yard, and Other Easily Overlooked Segments
As the Zillow survey points out, about 17% of homeowners have regrets about their parking situation, while 25% have regrets about their yard. As Today points out, this is when it can be a big advantage to have experienced real estate agents on your side. It’s easy to forget about the inconveniences of, say, street parking when you’ve already fallen in love with a house. Similarly, yard size might not feel that important if you’re home shopping in winter. Good real estate agents will remind you to think about things like floor plans, resale value, and parking, and avoid getting lost in the details of paint colors and kitchen cabinetry.
Do you have tips for new home buyers? Let us know in the comments.