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My First Place: Lessons Learned
Seven My First Place homebuyers admit their biggest rookie blunders and reveal recession-proof lessons to guarantee home buying success
By FrontDoor.com | Published: 10/20/2009
Staying under budget when buying a home gives you extra cash to add the upgrades and decor you've always wanted.
Lesson #8: Reserve some cash for home improvements
Before Brooke even bought her first place in Decatur, Ga., she was already planning home improvements. To make her plans a reality, she stayed below her budget when buying a home, giving her extra cash for upgrades. With the money she saved, Brooke was able to expand her deck, build a privacy fence and add a shed. Staying a bit under budget can give you the freedom to make improvements, letting you enjoy your home even more.
Learn More: Top 10 Home Updates >>
Before Brooke even bought her first place in Decatur, Ga., she was already planning home improvements. To make her plans a reality, she stayed below her budget when buying a home, giving her extra cash for upgrades. With the money she saved, Brooke was able to expand her deck, build a privacy fence and add a shed. Staying a bit under budget can give you the freedom to make improvements, letting you enjoy your home even more.
Learn More: Top 10 Home Updates >>
Lesson #9: Dig deeper during inspection
Brooke's home inspection revealed several nail pops in the shingles on her roof. After having them fixed, she thought she was in the clear because the roof was advertised as new. However, about two years later the nails popped up again and caused a leak. A roofer determined that there were two layers of shingles on Brooke's roof: a new layer on top of an old one. Brooke felt misled and looked into legal action, but discovered that having multiple layers of shingles is legit in Georgia. If a problem pops up during your inspection, it's always a good idea to take a closer look. If Brooke had checked out the roof herself, she would have seen the two layers of shingles and known that something was amiss.
Learn More: Top 10 Red Flags for Homebuyers >>
Lesson #10: Continue negotiating after the inspection
If a flaw is discovered during your home inspection, use it to your advantage. If Brooke had known more about the roof issue before she closed on the home, she might have been able to use it during negotiations to get a price reduction. Even after inspections, you still have another chance to get a great deal.
Learn More: Negotiate Like a Pro >>
<< Lessons 3-7 I Lessons 11-13 >>
Keywords: home, house, real estate, buy a home, first-time homebuyers, My First Place, HGTV, tips, advice, inspection, down payment, offers, neighborhood, financing, loan, mortgage, home improvement, renovation