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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
During a home inspection, don't overlook the details. Examine woodwork and tiling to make sure both the craftsmanship and materials are high-quality.
Lesson #17: Make sure renovations were professionally done
As first-time homeowners Scot and Leeah found out, paying close attention to the aesthetic details of a home is just as important as the structural details when going through an inspection. Oftentimes, do-it-yourself remodelers looking for a quick fix use low-quality materials that turn into a problem for future homeowners. They key is to make sure any renovations were done by a professional contractor using quality materials that are meant to last. Inspecting details up front is very important so you don't find yourself shelling out even more cash later on.
Learn More: Home Inspection 101 >>
As first-time homeowners Scot and Leeah found out, paying close attention to the aesthetic details of a home is just as important as the structural details when going through an inspection. Oftentimes, do-it-yourself remodelers looking for a quick fix use low-quality materials that turn into a problem for future homeowners. They key is to make sure any renovations were done by a professional contractor using quality materials that are meant to last. Inspecting details up front is very important so you don't find yourself shelling out even more cash later on.
Learn More: Home Inspection 101 >>
Lesson #18: A creative bid strategy helps ensure a good deal
Scot and Leeah used a unique approach to get a great deal on their Denver, Colo., home. By first making an offer of $300,000 on the home, then adding a contingency that they would pay $1,000 over any other competing offers up to a maximum price point of $329,000, the couple could guarantee they got the house with minimal dollars spent over the highest competing offer. Although unconventional, a creative strategy like this can be very effective in today's market, especially when there are competing bids for the property.
Lesson #19: Don't overlook the landscaping
Scot and Leeah learned first-hand that overlooking the details can end up costing a lot more than you might realize. Updates to the exterior of a home can add up just as quickly as the interior. If you aren't looking to spend much more on the details once you have found a home, look for a property that already has the amenities and the landscaping that you desire.
Lesson #20: A higher price point might save money over time
After making interior and exterior renovations, many homeowners find that their budget has been stretched way beyond what they initially wanted to pay for a home. Scot and Leeah found this to be very true when looking back at all the renovations they had taken on to make their house a home. For this reason, it can be smart to adjust your price point a little to help you save money over time. By paying a little more upfront for a home that has all of the upgrades and extras you want, you won't have to worry about paying for them down the road.
Learn More: Figure Out Your Financial Strategy >>
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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