6 Items No One Tells First Time Home-buyers, Part 2: Remodeling, Inspections, & Stress!

First time home-buyers are told various things from their friends and family, however oftentimes, many important items are overlooked.  In my previous post (read Part 1 here), I discussed the first three key items; mortgage rates, debt history, and Realtor selection.  These final three items will also be useful for first time home-buyers:

1)      Remodeling Costs

Unfortunately, remodeling usually costs more than anticipated.  Once you have found contractor to help with projects in your future home, consider a couple things before writing the offer on the house.  First, be certain to have penciled out the bottom-line cost of bringing the home up to the standard you require to be move-in ready.  In all areas, budget 20% MORE than your estimate.  Also, be realistic in your remodeling approach, as it may not be feasible to attack all desired areas right away.  Some remodeling may have to wait. 

2)      Home Inspections

Getting your future home inspected does not mean there will not be future problems.  Should you skip the inspection process?  Absolutely not, as you will need to know if the home is structurally sound.  It is important to keep in mind that owning a home involves continuing expenses — and problems can pop up at any time, even on the first day of ownership.  Make sure emergency funds are set aside.

3)      Expect Stress

Buying your first house can be very stressful!  Therefore, the best advice for first time home-buyers is to expect the unexpected.  Knowing this in advance can help relieve the stressors that come with buying a home.  Ups and downs throughout the process are also to be expected.  Additionally, there is always the possibility that you may not get a particular desired house.  Veteran home-buyers come to understand the cost of overly emotional involvement — when you do too, you will be better able to roll with the punches and make financially sound decisions.

If you missed the first three items in my list, check back to Part 1 – or just call me (724-350-5263).  I am happy to fill you in on everything Western Pennsylvania first time home-buyers need to know.