1.  Have a clear idea of what’s important to you.  Do you want a big yard, 3 bedrooms, a finished basement?  Use my wants v needs checklist to help figure out what is most important in your ideal first home.

 2.  Do you want a new home or an older home?  If you buy an older home, are you realistic about the cost of maintaining and updating it?  If new construction has the most appeal, don’t forget the additional costs associated with landscaping, window treatments, and other items normally included in an older home.

3.  Right now you’re thinking about buying your first home but it’s wise to keep future resale value in mind.  Most people buy a second home after 5-6 years and when the time comes, you want to make sure you are positioned well to make a profit.  Is the house you like the best the most expensive house in the neighborhood?  If the house needs work, can you remodel it and recoup your construction costs when it comes time to sell?

4.  Don’t buy a home without exercising your right to a home inspection.  The home inspector will inspect the structure, mechanical systems, basements, garages, and provide you with a comprehensive report.  A wet basement or a major structural defect can mean big bucks down the road.  Review the inspection report to make sure you aren’t getting in over your head.

5.  Ask the seller to provide a 12 month home warranty.  Home warranties cover repair and replacement of items that are most likely to break down during your first year of home ownership.