More often than not, those who are about to make a large investment — say, in a car, a piece of furniture, and so on — seek a good deal to make their purchase that much sweeter. Unsurprisingly, this is a common theme even when one is purchasing something as major as a home.
However, seeking a good deal or large discount in the homebuying process is often a rookie mistake. This is because many first-time homebuyers view homeownership as a one-time occurrence, which takes place when they officially purchase a home or receive a good initial loan term.
Additionally, many first-time homebuyers may not take into account what issues that steep discount could be making — such as a crumbling foundation, termites, water damage, black mold, or shoddy plumbing. If such problems are not disclosed by the seller or are left undetected and unresolved, they only become more expensive to repair as time goes on.
With that in mind, it is imperative to urge first-time homebuyers to look past the initial act of purchasing a home — the down payment, the signing of important documents, the acquisition of a mortgage, and so on — as owning a home is not a singular event.
Instead, owning a home ought to be viewed as making a series of smaller investments — which typically encompasses regular events such as repairs, maintenance, landscaping, and other methods of home improvement. More often than not, these smaller investments are inevitable, as they benefit not only your property, but your own health and well-being as well.
So, it is important to note that the only way one can gauge whether or not they got a “good deal” on their home is by examining the ways in which they handle these smaller investments down the line. Did the homeowner take on many of the repairs or projects themselves, or did they constantly hire professionals when an issue arose? How have they managed their finances thus far? Have they dedicated too much — or too little — of their money to maintaining or restoring their home’s condition?
Therefore, while it is often difficult to see the forest through the trees during a time as tumultuous and confusing as becoming a homeowner, it is prudent to get a glimpse of the bigger picture as often as possible. Otherwise, you may feel blindsided and unprepared when an abstract cost appears and needs your immediate attention — something that, again, happens to newer homeowners than any other demographic.