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5 things to think about before buying your own place:
This article is not only helpful to first time home buyers but also for those who are looking to buy or know someone who is thinking about buying a home.
When shopping for a place, make sure to consider not only your current needs but also your future plans. If you have a 5 year plan for example and you are thinking about having kids, make sure you consider that as a factor.
Also look at the growth around the neighborhood. Look for an area that has more development coming or an area that isn't that developed yet but will be in the coming years.
What's under the hood
Your first home might not have all the bells and whistles as you want but make sure everything should be working as it should. Hire an inspector but be reasonable with the inspection and your expectations. As discussed in previous shows, there are some buyers who cancel because of some minor inspection issues only to find out the other homes in the same price range have the same things. The home might have some issues but Andrew suggests to use it as a blueprint of what you need to take care of during the first year of ownership.
No home will be perfect
Your first home is not going to be perfect but make sure it has all the necessaries and a few nice-to-haves.
Consider ALL the costs of ownership
A lot of times buyers don't consider the costs of ownership. Some of the things to factor in are utilities, HOA fees, trash pick up and sewerage fees. One of the benefits of a newer construction home is the lower utility cost. Make sure you compare that between properties, neighborhoods as well as owning and renting.
Lifespan of things
Make sure to identify cosmetic and structural flaws that might need replacement or repair. Also make sure to look at things that are older in life which is where the Home Warranty steps in. He mentions they work with Home Warranty of America. They will warrant the things that could break like water heaters, appliances, etc. Make sure to factor those in and make room for variables like that.
For more Tampa Bay Real Estate news and advice, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.