Special Considerations of First Time Home Buyers

Published On: April 25, 2019|Categories: Blog, Buyers, Featured, Home Buyers, Mortgages, Moving|Tags: budgeting money, First Time Home Buyers, home budget|

Many first time home buyers are millennials, who may have a certain idea about the standard of living they want to have, as all generations do. Many are moving from their parents’ home, who had several decades to achieve financial goals, and find themselves distraught when they understand that their income does not support the mode of living they aspire to. It’s important for first time home buyers to understand that their first home is probably not going to be their forever home, but rather a starter home, where they can build credit, gain experience with home maintenance and repair, and figure out what they really want out of home.

Some people quickly discover home ownership is not for them. They don’t enjoy lawncare of the cost associated with paying someone to do it, they underestimate how much maintenance and repairs cost, or they realize they like the more communal feel of living in an apartment building with a gym and pool.
Many people have heard that they shouldn’t spend more than 25% of their income on their home, but some people may be financially strapped, becoming “house poor” to even pay that much. This generation of homeowners often bring hefty student loans along with them that are the same amount as a mortgage. They also may be shocked at how much groceries and utilities cost. It is better to buy a bit beneath your means than above.

Some people may think they like something, but soon discover they don’t. For instance, nightshift workers often have to sleep during the day, so a home with lots of natural light, which is usually a selling point, may be undesirable to nightshift workers. Homes that are “family friendly” sound wonderful, but when you are childless couple who lives next to the local playground, 8 am screams of delight on a Saturday morning might be more than you bargained for.

Spend money on the space that you really want – is that an office, a large kitchen, a huge master bedroom? Do you really need extra bedrooms? Do you need a separate formal dining room if you aren’t someone who hosts dinners? How much time do you actually spend in your home – or are you someone who is at work fourteen hours most days?

All of these are “outside of the box” suggestions that can give first-time homebuyers an idea of the things they need to consider that are out of the ordinary.

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