Buying a new home is a big stepping stone for many young professionals. A solid investment and home ownership can set a person up for financial success in the future. But what hidden cost are these homeowners over-looking? If you are looking for advice on buying a new home, look no further, as a group of recent home buyers gathered online to discuss the tips every new buyer should know.

AUTHOR: Adam Spraker

1. Maintenance Costs

Going from renting to ownership can be hard. One of the most considerable hardships is fixing things that break or go wrong. No more landlord to bail you out if the garbage disposal goes out. That cost falls directly on the owner. Put away a budget for those pesky maintenance costs that will undoubtedly come up over time.

2. Check for School Traffic

A local school can be awesome for students wanting to walk or ride their bike to school, but if you pick up kids from school, you know the insanity of traffic it comes with. One local home buyer explains his situation, “I moved into a home located in such a way that my street becomes a pickup/drop off parking lot when it’s time for the local school to start and release. I have had to wait in a line of cars to park at my own home almost regularly during the school year.” What a pain!

3. Inspect Everything

Do your due diligence here, people. It will make everything easier in the long run. One home buyer says she felt like a pest asking a million questions when her inspector was around, but her peace of mind after the fact was well worth it. You are spending a lot of money on the property. Make sure everything is up to code.

4. Try To Get To Know the Neighbors

This could be hard but try to get a feel of the neighborhood. Are neighbors outside constantly making a lot of noise? Are the lawns kept up? Little things like these can give you a feel for what you are moving next to. Have you ever seen the movie The Burbs? Neighbors can be tricky.

5. Trees Can Be Your Enemy

Trees are pretty, right? They provide shade and decoration for the property. Not so fast. Sometimes, a random tree can be a problem. Roots grow out, causing foundation problems. Also, a tree close to the house could cause disaster in the case of a storm. The cost of removal can be much higher than you think.

6. Realtors, Aren’t Your Friend

There are some great realtors out there. I’m not defying the profession, but many home buyers warn against taking everything their real estate agent says to heart. Deep down, they are a salesperson trying to make money from your purchase. Research and fact-check the person you put in charge of this life-altering decision. Use a realtor you’re friend recommends. It will make everything go smoother if there is mutual trust.

7. Maintenance Time

You may soon remember the convenience renting brings when you realize the time it takes to keep a home from looking disheveled. A home requires regular lawn mowing, gutter cleaning, leaf raking, and external cleaning that renters aren’t used to. It’s a commitment to own a home. Turn off the football on the weekend because you have some chores to do.

8. Furnish at Your Own Timeline

A lot of new homeowners go all out in their new homes. Some people argue that this is a bad idea. Letting some rooms sit empty while you slowly decorate and furnish your new home is okay. One new home buyer says they regret buying expensive furniture when they moved in because they could have saved their money for unexpected repairs. Grow into your new home slowly.

9. Mortgages Will Rise

Property taxes and rates can go up over time. It is an absolute fact. Many people buy a property with a fine budget. Experts say to ensure you know your loan details before signing on the dotted line. The key word here is “fixed-rate.” Otherwise, the monthly payment could fluctuate.

10. Read the HOA

A homeowners’ association can kill the vibe of a neighborhood. Do you want to decorate your home during the holidays? Better check in with the HOA. They can regulate whatever you want to do with your own property. There are numerous situations where a HOA has ruined a person’s idea of a free home. Look up the local HOA if you are looking into moving into a neighborhood with one.

Source: Reddit.

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