The following article from Realtor.com discusses 6 things new homeowners waste money on when buying a home and why having an experienced real estate agent on your side can be a helpful tool to avoid these potential mistakes:
OK, we’ve said it time and again, but it bears repeating: Buying a home is a very big expense—and once you’ve kicked off all that spending, it’s easy to find yourself caught up in rampant lifestyle inflation. After all, you’ve got an enormous, shiny new house just waiting to be filled with all sorts of nice stuff, right?
Well, take some quick advice: Don’t keep spending.
Homeownership comes with its fair share of unique costs—property taxes and urgent repairs and energy bills, oh my. There’s no need to add to their cost by shelling out for unnecessary expenses. Here are six major cash outlays that buyers can avoid.
Too much house
This one requires some thought before you actually nail the deal: How much house do you really need? Just because you’re pre-approved for a hefty purchase price doesn’t mean you should go as big as you can.
Not sure where to trim? Consider having less closet space, buying fewer bedrooms, or—especially—eliminating a formal dining room.
Fixing up your outdoor space ASAP
Once you close on your home and move in, you might be itching to host your first late-season barbecue. Or maybe you’ve been dreaming about a koi pond, like, forever. But hold on: Updating your outdoor space shouldn’t be your first priority, especially if you’re tight on cash. Unlike couches and beds, which are essential to a functioning house, landscaping and decor can be put on pause.
That goes double if you’re building new: According to Hans-Daniels, building your backyard at the same time as your home can cost “a lot more than if you did it after the fact.”
So exercise some caution before committing: Try pricing out your plans with a landscape contractor, and consider rolling them out in phases.
To read the entire article, please click here.