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15 Things To Know Before You Buy Your First Home

August 17, 2021 201 votes 32 voters15 items

List RulesHomeowners: vote up the tips you wish you knew before you bought your first home.

Home sweet home! One of the biggest goals many of us have in life is to buy our very own home. Although it's a admirable aspiration, it can be a little overwhelming. You can make it better when keeping in mind these useful tips for newbie buyers. Which one is the most helpful? Vote up!

  • 1

    Street-View It First

    From Redditor u/d0s4gw:

    Location is the most important quality. This cannot be overstated. Being able to resell the property depends almost entirely on the location.

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  • 2

    Budget For Expenses

    From Redditor u/ribnag:

    Don't sink every penny you have into the down payment and closing costs. You need to budget for a lot of expenses in your first few months.

    Personally, I spent 3x my mortgage amount in the first two months, then 2x for another few... It didn't really taper down to nothing until 6-9 months out. And I didn't buy a "fixer-upper" just a million little things and a handful of not so little things all adding up.

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  • 3

    Rent Before You Buy

    From Redditor u/burstmode:

    Rent a house and live in it for at least a year before you buy (some other) house.

    Before we bought our first house, I'd been an apartment dweller for about 15 years or so.

    Until you live in a house (that's all yours, not your parents), you may not really understand what you like and don't like. Once you've lived in a house for a year or so, you'll definitely have stronger opinions about what you like and don't like.

    For example:

    I really need an island in the kitchen

    I really want some extra space in the garage

    It would really be nice to have enough space for a second fridge in the garage

    I need a liquor cabinet whose shelves are tall enough to fit all my typical bottles of scotch

    I really want the master bedroom on the bottom floor

    etc.

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  • 4

    Clean Up Your Credit

    From Redditor u/agorathrow80:

    Try to keep your bank statements clean for 2 months. Cuts down on a ton of b.s. that will slow the process down. No cash deposits in or out, no big payments or withdrawals, deposits over 15% of your monthly income

    Not a requirement, just saves the hassle of letters, recipes, them deducting money from the total to qualify because it's not documented, etc.

    Only give them what they ask for, nothing more. Every little thing can cause extra paper trails.

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