There are thousands of homes for sale in Windsor. If you are a first time homebuyer, there are many attractive deals in the market today. Before buying your first home however, there are several things to consider so you can avoid classic mistakes that often plague first time homebuyers. Here are just a few of them:
1. Remember a house costs more than the purchase price. Keep in mind that there are several monthly expenses such as insurance, property taxes, utilities and upkeep. When budgeting for your house, to keep these monthly costs in mind.
2. Foreclosures may seem like a good idea, but it is always important to proceed with caution. Often, foreclosures are sold “as is” which means your bank will not pay for any repairs. It is not uncommon for foreclosed homes to need significant amount of work. Also, transactions are more complicated when purchasing a foreclosed home.
3. If at all possible, get pre-approved before you start your house hunt in regards to homes for sale in Windsor. This helps in several ways: it shows your maximum purchase price and it lets home sellers know you are very serious about buying. It is a valuable piece of paper to have with you as it serves as a great bargaining tool. Finally, if you are pre-approved by several lenders, you can compare interest rates and go with the best deal. This can save you money.
4. Consider buying a home with excellent school districts. Even if you don’t have children and don’t plan on having children, buying a home in a sought after school district can increase your property value tremendously. The true value of a home is which neighborhood it is in.
5. Include a back-out plan in your offer. As we have mentioned several times, when you make an offer on your first home, chances are you are in love with it and can’t imagine living anywhere else. Don’t be tempted to waive a home inspection for any homes for sale in Windsor. A buyer needs to know exactly what they are getting into, especially with such a significant purchase. Make certain you have a contingency in your offer. That way, if a home has a significant problem or it doesn’t appraise for the purchase price and the lender refuses to proceed with the loan, then with contingencies, you can cancel the transaction.
Working with a professional real estate agent is helpful when purchasing your first Windsor home so these mistakes can be avoided.