For most people, buying your first, or any, home is one of the most exciting life experiences! Undoubtedly, when all the i’s have been dotted on the paperwork and the actual home buying process boxes have been checked off, there are going to be things that will come up that you just don’t think about beforehand. That’s okay! We thought we could work through a few of them to see if any of these have been overlooked by you so far in your home buying experience.
You will need to plan for transitional costs
This is one of the things that hopefully doesn’t come as a surprise, but it definitely still could sneak up on you. Sometimes the closing of your new house and move-out dates of your current living arrangements don’t work out perfectly. Perhaps you’re locked in a year long lease and have to pay to get out of it a couple months early since closing happened before that lease was up? It’s just important to be aware of what you will be owing to whom for rent and when your first mortgage payment will be due. Another transitional cost is the actual price of moving from one home to another. Whether you have your friends and their muscles and trucks and trailers coming to help move, or you’re hiring the entire experience of moving out to a specialized company, it’s going to cost you either a few pizzas and drinks to say thanks or potentially thousands of dollars for professionally packaging and transportation of your things. Make sure this is in your budget. And guaranteed there will be the home improvement store trips for all the little things that a new home needs, which we’ll get to in the next section.
Repairs and maintenance on your home are always more than you would expect
Yes, a large part of being a homeowner is paying to maintain that prized piece of property! Moving from a condo to a single family home? You’re likely going to need outdoor lawn maintenance equipment, everything from mowers to weedwackers to flower baskets to pruning tools to hoses, the list can get extensive. Also, for some new construction homes or homes that just need a little sprucing up, a large upfront cost could be custom window blinds or hydroseeding your lawn so it’s not just dirt. It’s important to think of things that weren’t included in the final negotiated price of your new home, but that are still important to you to get done as soon after you move in as you’d like. It’s just a matter of give and take and making sure you have a good list of what still needs to be repaired or maintained so you can plan accordingly for these costs.
Relationships with various contractors
This is a big one that is overlooked often! The more time you put into planning who to call when emergencies arise, the more prepared you will feel when moving into your new home. We recommend having relationships already established, or at least a phone number, for several different contractors that you can have on hand so you’re not scrambling to find a reputable company at the moment you need them most! Most of these contractors could definitely be recommended by your agent with RMG Real Estate, as we have great working relationships with all types of industry professionals, including:
- General handyman
- Well & Septic Maintenance
We are happy to help get you started on referrals for these contractors, so just let us know!
Yep, we said it! That futon that you’ve been hanging onto from your college years was sort of okay in the last 3 apartments you had. But now you’re all grown up and have a beautiful mortgage to prove it. Why not make your furniture fit your new lease in life and upgrade RESPONSIBLY? Moving is a great time to do this if financially possible. But definitely don’t rush into buying furniture that will “work okay for now.” Do your research, plan to shop sales around times like Black Friday or Memorial Day, create a budget for spending and make sure to write a list of the absolute necessities for your purchases so you don’t “accidentally” blow all the budget on one piece and the rest of your home is bare minimum for seating when the extended family comes over. You get what we’re saying right….when you move, if it’s the right time to do so, bring some quality furniture pieces into your new space that really bring you joy within your pocketbook’s ability!
Plan about 10 years out to be living in this home
This is something that not everyone buying a new home thinks about initially. Of course, it would be nice in some scenarios to be able to read the future, but that’s just not how life works. We don’t know how long or how short we will live in one home. But most first time home buyers especially should plan to live about 10 years in that space. Thinking about this, a lot can happen for a first time home buyer in the early stages of life….possibly marriage, a kid or two, etc. It’s wise to have a plan for that home that could include an extra bedroom or two for a couple kids or something to fit your evolving needs in this early stage of life. Even if this is not your first time home buying experience, ask yourself before you move in, or ever before you get into a contract on a new house, how long do I see myself living here? It’s good to have a long term plan with those you’re living with to make sure you’re all on the same page and the house that you’re buying will actually still fulfill your needs in the next decade if necessary.
You will change your mind about this house and that’s okay
Everyone wants that “unicorn house”….you know, the one that checks off every box on your list? Unfortunately, after the initial search is started, you may run into this pesky little thing called reality, where your every dream and desire won’t exactly line up with what is available for purchase. That’s okay. Make sure to write your perfect house list down, then make sure that you can compromise on what’s truly important to you when buying. And then realize that when you do purchase the home that is the best option available, there are still going to be things that you would do differently in your next place. Don’t call it home buyer’s remorse, call it a learning opportunity! Call it a reason to roll up your sleeves and learn how to do some of your own house renovations. No matter how long you live somewhere, you’re going to continue to learn what you love and what you don’t love in regards to your living space. Take those notes with you next time you buy but for now, just make the most of the home you’ve been given and enjoy it! When your tastes or situation changes so significantly, then buy the next “unicorn house.” 😉
All that to say, there’s a few things that you will inevitably think about after you buy your home that you may not have thought about before closing. That’s okay! Life is all about learning and figuring out what works and doesn’t work best for you and your family. Enjoy the process and hopefully these few topics will help you make the best decision for your house.