People Share 30 Things They Wish They Had Known Before Buying Their First Houses

Don't ever buy anything with an HOA. (additional fee for living there) - you can never get rid of it, it can go up, and you can never truly pay off your property.

Before buying your first home, you should know that you will probably need more money than you thought you would. Not necessarily to purchase the home, but to maintain it. Even if you purchase a brand new home with a warranty. Even little things like, Oh … I guess I will need to cut the grass now. I’ll need a lawn mower, and maybe a weed wacker. Maybe you have not taken into account that you will need to pay for all of your utilities and trash pick up. Maybe you had free wifi in your apartment, but now you will need to pay for it. There will be no more free maintenance guy to unclog your sink, or toilet. The list goes on, but you get the idea.

All buyers should hire an home inspector who will take them through the house on a 4 hour inspection. The inspector should explain the major components of the home and produce a thorough report. Inspectors will also recommend a structural inspection if one is needed. At the same time, I recommend that buyers have a sewer scope inspection. If the inspector mentioned any roof defects, we will ask the seller to get their insurance agent out to see if it needs replaced (roofs can be replaced before the sale goes through). Lastly, along with inspection objection items the buyer asks the seller for, I always recommend buyers ask for an HVAC technician to inspect and repair as needed the Furnace, AC and hot water heater.

One other note: Your real estate agent should care more about the buyer’s transaction than making the sale. I tell my buyers that if the inspection doesn’t go well or if the sellers won’t make necessary repairs, I will get them out of the transaction and we will find them another property. It’s all about advocating for the buyer.

I've bought (and sold) a lot of homes (my mother says I buy homes like others buy shoes), and these are tips that have worked for me.
Buy a home you can easily afford. A lot of people buy homes at the top of their range, and that's a huge mistake for most...never be a paycheck away from foreclosure or struggling.
Find a house with bad aesthetics and fantastic "bones." Buy the house that looks decent on the outside but has internal superficial ugliness - gross paint, carpets, etc.. As long as the major systems are fantastic (plumbing, electrical, roofing, etc..), superficial things can be fixed and will add instant value.
Buy the cr*ppiest house in the nicest neighborhood you can. It will always sell for more than what you paid for it, if you put in some elbow grease.

Watch out for neighbors. When I sold real estate, I’d tell my clients to walk the neighborhood and talk to the old people. I’d have them call the cops and ask them about the neighborhood. Now, you can google streets, neighborhoods, log onto Facebook groups, etc.

A homeowners biggest enemy is water. So important there is no water leaking from the bathrooms or sink, flooding the foundation or basement, and no streams or drainage that will food the property.

Be sure to get a "fixed" interest rate with your mortgage...and have great credit. No matter what happens in the market, you'll be grateful.

Even if you don't have kids, consider the school district's reputation. It can impact your home's resale value and is a good indicator of the overall neighborhood quality.

Think about maintenance. A place with a huge backyard might *seem* awesome...until you are mowing all day every Saturday just to keep up. Things to consider - long driveways (plowing in winter), big back yards (mowing/trimming), etc...

I'll keep this short and sweet. it's an old cliché but here goes, location, location, location. You can have a beautiful house, a pool, 3 car garage and a tennis court, new roof, up scale appliances. But if its in the wrong part of town, good luck on property value going up. Fat chance anyone will even come to your open house. You can pretty up a pig, but are going to kiss it.

You can find this funny, but if more of a psychological guide: When you close on the house, you have to immediately do one thing before anything else - delete all of your redfin/zillow/whatever alerts. It is a law of the universe that right after buying your home, you will get an alert for your absolute dream home, and it will be listed at an amazing price.

Property Taxes! You can purchase a lot more home in an area with reasonable property taxes unless your heart is set on downtown somewhere.

Crunch the numbers. Beyond the purchase price, factor in property taxes, homeowners association fees, and potential renovation costs. Make sure your dream home aligns with your financial reality.

Be careful about real estate agents making claims about the inexpensive cost of repairs and renovations. When searching for my home I would often neglect to tell agents my profession (Structural Engineer) and simply let them talk. More often then not I'd end up giving them enough rope to hang themselves, as they'd routinely drift into speaking about things well outside their expertise. Watch out when they start saying things like "it is really cheap to knock down this wall, that is just some drywall, cheap cheap cheap".

You can (almost) always sell your home and move. So don't worry about your "dream home" or "lifelong home". Statistically, you will end up selling and buying something else, eventually. However, that cuts both ways. Don't buy a house you hate just because you think you should get a "starter" house. Buy something that meets your needs and that you COULD stay in, if you need to. But also don't buy thinking you can never move and buy something else (bigger/smaller/different area/whatever).

Make a list of all the things that you would like in a home. Be generous to yourself--everything you want. Now, one by one, eliminate everything you can live without. Be as brutal as you were generous.

If you've done this honestly, you now have the Dealbreaker List. These are the absolutely must-have features. Keep this short list in mind as you see homes on the street or on a website, and share this list with your real estate agent. Hold your agent to this list; if they try to show you some property that does not have ALL your criteria, refuse to see it.

Have a solid six-month emergency fund before you buy a home. Not negotiable, in my opinion.

Check appliances. You’d be surprised how many people buy a house with a bad microwave, non-functioning ice maker on fridge, poorly-working dishwasher, etc.

Know your market. Go to Zillow and see what houses have sold for in your area, before making an offer...know how competitive the market is, so you know how competitively to bid - how long do homes stay on the market? I've offered prices $100K less than ask and gotten homes, but also gotten homes by offering the asking price.

Look at the crime map for your area. There are beautiful cheap homes out there in neighborhoods you'd never want to live in. Don't be suckered in.

If the home has been freshly painted inside and out, be wary. Often, paint is used to cover water stains on the interior, and siding and trim decay on the exterior.

If the home has been renovated to any degree, ask to see the signed off permits. If the Seller is unable or unwilling to produce them, be very wary. The work may have been done by a DIYer who may know nothing about codes and good building practices.

Use your nose. If any room in the house smells musty, or if you detect an odor that shouldn’t be there, be very cautious.

If the house is pre-1965, be suspicious of the electrical system until it has been inspected by your home inspector.