Owning your own home is one of life’s greatest joys. It is the American Dream. At Handler, we understand. We take joy in building quality homes that families can grow in and make memories in. And if you are buying a home for the first time, you may be feeling even more ecstatic. After years of having to deal with landlords, inconsiderate neighbors, inconsistent rent, and having to ask permission to add any personal touches to your space, finally having a place to call your own may be so exciting.
But we want to make sure that you do not regret your decision by burdening yourself by doing too much too fast. Here are some common mistakes that many make in the first year of homeownership, and how you can avoid them.
Starting Renovations Right Away
Especially after living with so many restrictions in rentals, you may be carried away with ideas on how to personalize your new home! A completely understandable temptation. But be careful! You likely want to upgrade parts of your home not only with things that suit your style, but also with quality items. This can become very costly very quickly. And since you are adjusting to a new mortgage as well as recovering from all the fees associated with buying a new home, investing in home renovations right away can cause you to feel overwhelmed with finances. Try instead to plan for renovations by saving properly for them, or perhaps try to upgrade things a little bit at a time so that you do not become weighed down.
Forgetting About Additional Costs
Anticipating the extra monetary factors that are associated with buying a home can save you from being overwhelmed by them later. In addition to your mortgage, it would be wise to factor in closing costs, homeowner’s insurance, property taxes, utility fees, and HOA dues if you have them into your budget. On top of that, you may need to consider the cost of purchasing certain starter items, like cleaning supplies and household tools if you do not have them already.
Adopting Extra Debt
Lenders advise homebuyers to refrain from taking on extra debt while in the homebuying process as this can reflect negatively on your loan application. But some new homeowners who put off things like new cars and college prior may think that now that they have purchased their home, they have a green light to do so now. And of course, you can if you wish, but bear in mind how much debt you can comfortably handle with your budget and lifestyle. If you hold off taking on additional debt until you recover a bit from the financial burden of buying a house, you can save yourself a lot of heartache.
By avoiding these common homebuyer mistakes, you can make sure that your home brings you nothing but joy. If you are currently in the market for a new home, why not look at our available homes? We only build beautiful, quality homes in inviting communities. See for yourself today!
By Handler Homes 10-30-2020