It’s daunting to take your first steps into the Southern Maryland housing market. And, unfortunately, there’s no perfect way to make sure you’re buying the right house for you. But you can get a step closer by knowing what mistakes other first-time buyers have made. No one wants to be a seller who regrets their decisions as a first-time buyer!
Too snug and small
Newlyweds? Planning to start a family soon? Avoid choosing a Southern Maryland home that it a bit too small. Don’t go for a two-bedroom home; you’ll find yourself cramped when child No. 2 arrives, and you’ll be looking to move. Even if you’re not immediately planning to start a family, plans can change over the course of just a few years, and the small two-bedroom old cottage you fell in love with could become restrictive. Three-bedroom houses are generally a better choice. If you do stay at the property for more time than you’d planned, three-bedroom homes offer enough space to comfortably start a family.
Jump to the other end of the spectrum – you’ve chosen a home that is much too big! A six-bedroom house will offer plenty of space for guests and your future children to grow up, but it may not suit your current needs. You won’t need those extra bedrooms for many years, and you may be paying a much larger mortgage right now than you need to.
The project home
It’s tempting to buy a Southern Maryland property that needs a bit of work. You’ve seen it work plenty of times on TV, right? In reality, lots of project homes overrun on time and go significantly over budget, even when handled by veteran homeowners. Can you realistically perfect your home within a reasonable budget and time frame? If the answer is yes, you may have found the right project house for you. But, if you spot several big jobs and the need for a major overhaul, you should avoid falling into a money pit.
The free time killer
Does the new home have special features and spaces that will require maintenance and upkeep? Swimming pools, hot tubs, and large front and back gardens, for example, all require considerable time and expense to maintain. Do you want to spend your free time and cash maintaining the idyllic appearance and features of your home? If not, then you should find something more manageable.
Thinking of your new home as a business investment
Nearly every Southern Maryland first-time buyer wants to enjoy their new home for a few years, make a few improvements, and then sell it for a profit when buying a better second home. But treating your first residential property as an investment opportunity, rather than a home to live in, can backfire. Sometimes you can make endless home improvements that just don’t resonate with the next potential buyer. And due to external factors, house prices don’t always rise, leaving you with very little control over the value of your property. If you are thinking of your first Southern Maryland home as an investment, and are more concerned by a home’s resale value than you are by its suitability as a living space, make sure you study the market very thoroughly before making any decisions. Take as much expert advice as you can and think carefully before you make an offer and sign the paperwork.
Forgetting the location
Your own needs may not be affected by a home’s location, but it may greatly affect future buyers’ needs. You think you’ve found a bargain, but you struggle when it comes time to sell the house. Even if you’re not planning to start a family or don’t mind being on the rougher end of town, it’s important to consider what future buyers will want. Keep an eye on the school district and fiscal strength of the area.
Leonardtown MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309
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