This week I had the opportunity to talk to a small group of first time homebuyers. In preparing, I asked social media, â€œWhat one piece of advice would you give a first-time homebuyer?â€
The answers – from clients (recent and not), friends, and good real estate professionals – were outstanding. I’m grateful for their sharing. I thought about highlighting one or two or ranking them in order from best to not-quite-best, but each is the best piece in its own category.
How does one rank these? Theyâ€™re all really important – and these arenâ€™t even a third of the great advice offered.
- Buy below your means
- Profits are made when purchasing a house not selling
- ignore HGTV
- Pay attention to the things that really matter (layout, size, neighborhood, etc.); don’t focus on aesthetics like paint color and appliances that can be changed.
Have savings after you close; cash solves a lot of future problems
- Don’t be afraid to ask questions, even if you’re worried they’ll make you sound dumb.
There are a lot more after the break.
Some of the notes I used to prepare and speak: (naturally, in writing this post, I was able to find and references stories Iâ€™ve written over the past 9 years)
- When to start? Iâ€™d say to engage with a good Realtor and lender about 9-18 months before youâ€™re aiming to close. Take time to learn the area, the market, your life patterns, growth and development patterns. Read all that you can.
- Rent first.
- I highly recommend reading RealCentralVA and, if youâ€™re interested in Crozet, RealCrozetVA. But at the very least, please do subscribe to my monthly note, in which I summarize the best posts from the previous month, among other original stories. In fact, the quote I read during the talk from a buyer client was published in my monthly note.
And because Iâ€™m writing this post purely as advice from a real estate professional, my name is Jim Duncan. Iâ€™m a real estate agent. Iâ€™m a partner at Nest Realty in Charlottesville, Virginia.
Call or email me anytime with questions – even ones you think are dumb.
And what do I mean by “sometimes homeownership can suck?”
When the water heater blows at 2 in the morning or a derecho rips off shingles, there’s no landlord to call. But …
@JimDuncan it never sucks if you buy what you can afford. It is hard work to maintain well over time. But nothing worthwhile is easy.
— Cstew04 (@cstew04) May 13, 2014
… When you’re a homeowner, you can paint the walls whatever color you want – with no one else’s permission. And that’s valuable.