When buying your first home, you may have an image in your mind of the house you’ve been dreaming of since childhood. Or perhaps you’re eyeing a cute bungalow, or a crumbling Victorian mansion and have grand plans of making it your own. But is the perfect house for right now really the perfect house for a first time buyer? While everyone has different needs and wants, first time buyers might want to be cautious about these 4 homes.
These are the worst homes for first time buyers:
The Tiny House
Tiny House Hunters is a hit on HGTV. It idealizes the entire tiny lifestyle, which often includes downsizing material items, living a more back-to-basics life (can you say, “composting toilet”?) and saving a ton of money. Budgets for tiny houses can hit the 6 figures, but often only with a lot of upgrades, a lot of land, or in a high cost-of-living area. It looks like very tiny houses or used campers with plumbing hookups can be had for about the cost of a Honda Civic.
How long will you be able to live in such cramped quarters, though? Exchanging a full closet for a tiny broom cupboard – at best – is likely difficult, even for someone who isn’t a clotheshorse. Are you ready to do without items that are only used once or twice a year, or things that are only useful for your hobby? If not, you may have to pay for an inconvenient option, like a storage unit.
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When you’re single, or an adventurous couple, a tiny house – or even a one or two bedroom bungalow or studio condominium – maybe seem like a great idea. However, if you want to expand your family in the future, like marrying your current partner or having children, or even having the option to extend a room to family members, you may soon outgrow your space.
The Fixer Upper
A house that needs updates is often a great deal for first time home buyers. Refreshing paint, replacing formica counter tops with granite, and pulling up carpet to refinish hardwood floors are things that will make your home more enjoyable and also more desirable for resale.
You should, however, limit the amount of projects you’re willing to take on with your first home, as it will likely be your first renovation as well. Some items, like tearing off the roof or fixing foundation problems, carry five figure price tags. In addition, adding up a bunch of projects, like multiple bathroom renovations, a kitchen gut-job, or major plumbing and electrical work, might break the bank. With houses in need of renovation, it’s also inevitable that you’ll uncover items you don’t notice on your first or second walk through – or even in the inspection.
The Great Outdoors
If you have or want children, or are just in favor of building a fire pit or pool, you might be dreaming of a large yard. Large amounts of property also equate to plenty of privacy – space between you and your neighbors.
All that property comes with downsides though. Aside from being harder to find in the city (and losing a good amount of walkability and convenience!), more property is likely more expensive, both in initial investment and upkeep.
A large yard means either a larger investment in keeping it up by outsourcing the landscaping, mowing and pool cleaning, or spending your free time doing those tasks yourself. When buying your first home, it might be best to keep the outdoor space to a more manageable level.
The Neighborhood’s Best
On the other hand, purchasing a home that needs few updates can seem like a great idea. Much of that, however, depends on the individual house and neighborhood. There’s a saying that you shouldn’t buy the best house on the block. Paying a premium for kitchen upgrades, or a home that’s twice the size of the rest of the houses in the area can be an overinvestment, meaning you won’t get your money back when you sell – or if you need to invest in additional upgrades.
So while you might not want the worst home in the area (see number 2), you should likely also avoid the best to come to a compromise on what you can afford versus what doesn’t need the largest investment.
Hopefully with a little forethought, you’ll be able to choose the first home that’s right for you. If you need help, please contact me today. And remember: friends don’t let friends buy a home without Agent Lady!
About Agent Lady: Cherise Wynne is a leading real estate agent in Philadelphia, helping home buyers and sellers navigate the City of Brotherly Love, with a special focus on first time home buyers. To chat about getting started with your first time home buying experience, click here.
