Debbie Caniff's Blog
The prospect of buying your first home is both exciting and nerve-wracking. On one hand, owning your own house is the final step of financial independence. You’re no longer accountable to a landlord and their rental agreement. On the other hand, buying a home is a huge financial decision that will determine where you live for the next several years.
As a first-time buyer, there’s a lot to learn about buying a house. You’ll often hear homeowners say, “I wish I knew that before buying this house.” So, in this article, we’re going to give you some common mistakes that first-time buyers make so you can have the best possible experience in the home buying process.
1. Underestimating the costs
When first-time buyers get preapproved for a mortgage, they sometimes see this as permission to spend whatever amount they’re approved for. However, even after closing costs, there are a number of other expenses you’ll need to account for in your budget.
You’ll be responsible for maintenance, utilities, taxes, and repairing things when they get old. If all of your money is tied up just paying your mortgage and other bills, you won’t have anything left over to maintain your house.
Furthermore, living your life just to make your mortgage payments is draining. Instead, buy a house that gives you enough room to save for retirement, vacations, a family, or whatever else you see in your future.
2. Prequalify first
Before you start shopping for homes, make sure you meet some basic prerequisites. You’ll need a solid credit score, steady income history, and money saved for a down payment. You might set yourself up for disappointment looking at homes that are outside of your spending limit if you don’t get prequalified first.
3. This probably isn’t your last home
While it’s okay to dream about the future, don’t set unrealistic expectations for your first home. You can always upgrade later on, and building equity in your first home is a good way to help you do that.
4. Don’t get too attached to your “dream home”
So, you’ve been shopping around for a few weeks and finally found the perfect house. If everything goes well your offer could get accepted. But if it doesn’t, don’t worry about it. There are constantly new houses appearing on the market, and there’s a good chance you’ll like one even more than this one.
5. Don’t waive contingencies without good reason
Contingencies are there to protect you. They might seem like a way to needlessly complicate a contract. Or, you might think that waiving them makes you look better in the eyes of the seller. However, both sellers and their agents know that contingencies serve an important purpose.
The three main contingencies you’ll want when buying a home are an appraisal contingency, financing contingency, and an inspection contingency. Unless you’re buying under special circumstances, you’ll want to keep all three in your contract.
Bring new life to your bedroom without completely redirecting. When we are tired of our existing decor it can feel like we need to start completely from scratch to obtain a whole new look. But before you begin hauling off your bed frame to the second-hand shop consider these small changes first:
Add a variety of textures via linens, upholstery, accents. Look for soft items made up of furs, textured weaves, linens, and velvet. Add interestingly woven baskets, stone, glass and polished wood. This mix will work together to create a visually interesting dynamic no matter the color palette of your room.
Install a different style of window treatments. Let more light into a room with sheer panels. Whites and creams always make for a classic look. However, if you are looking to really shake things look to other colors either as a solid or in patterns. A popular trend at the moment is upgraded solid panels. From patterns to bamboo and even embellishments you will have plenty of options to create unique-to-you treatments.
Create a statement wall without making a commitment with removable wallpaper. Since they are peel and stick they are easier to install than traditional wallpaper. They also give you the freedom to go bold with your pattern or color of choice. So why not reach for the more daring print?
If you want to add a bold print but wallpaper isn’t for you find a pattern you love on a duvet cover. They are easy to swap out as much as you’d like and can also be a great way to add more texture to your space. For example, you could add a pintucked satin or an inviting quilt with a pattern sewn throughout. It will certainly take center stage and make a statement as the focal point of the room.
Create more light in your space by installing a large mirror. Hung or leaning against a wall it helps to open up the room and allow light reach more of the room. If you have several closet doors consider installing mirrors as paneling for a chic, new look. Or create ambiance with paper lanterns. They create a soft, calming light that is perfect to read by at the end of the day.
Since these changes are so easy to make, some a matter of a few minutes, you can create subtle changes throughout each season. Swap out decorative pillows and throws, for example, for patterns and hues that still match your existing decor but better suit the mood of the season. Darker hues paired with creams and beiges create a cozy space in winter with creams or beige. And brighter cheery hues against a crisp white pop and bring energy into the room for Summer.
15 Greenwood Avenue, Wakefield, MA 01880
15 Greenwood Avenue, Wakefield, MA 01880