Tip for 1st Time Home Buyers Looking for Homes for Sale in Farmington Hills MI - Play House

Tip for 1st Time Home Buyers Looking for Homes for Sale in Farmington Hills MI - Play House

There are many homes for sale in Farmington Hills MI, but if you are a first time home buyer, there is something you should do first.

Farmington Hills is a wonderful place to live, but as much as you might like to buy any of the homes for sale in Farmington Hills MI, you need to check something first. You need to make sure that you are ready.

I know. If you're like most soon-to-be first time home buyers, you've been ready to buy your home. You've probably visualized yourself in your new home. You walk outside and take a deep breath. The smell of grass in the spring is awesome, especially when it is the grass in your very own yard.

You look outside and into the neighborhood and think, "Ahhhhh. This is the life!"

We need to believe that we're going to be okay living, because that's what so many of us really want.

Wait a moment! Should you really buy a home right now? Are you truly ready?

Believe it or not, not everyone should buy a home right now, even with today's property values being so historically low. It's even tougher to make this suggestion with the mortgage rates being even lower, and they are.

This is one of the biggest reasons that a lot of people think that they have to buy a home sooner that than later, if not immediately.

Besides that, many people think that they should buy instead of rent. It infuriates many people to know that when they pay rent, they will never see that money, again.

However, when they pay a mortgage, there are doing something to build themselves.

Many of these people are absolutely correct, but, believe it or not, many are not.

All of the time, I hear things like, "I can't stand that I'm wasting my money renting. If I buy a home, it will be going toward something, at least."

However, if you are a first time home buyer, then what you are about to read is might shock you. It may even disappoint you.

Do NOT buy a home right away!

Keep in mind, the author of this article comes from a company that buys and sells homes for sale in Farmington Hills MI. So our business model prefers that you buy a home; however, it is not always the right thing to do.

Why not?

You might not be ready! Play house first!

What?

A lot of soon-to-be home owners really do not fully understand all of the costs that are involved with home ownership. Many non-homeowners forget that they will also have to pay for home insurance and property taxes. Combine these with the mortgage, the total amount of these bills can be a whole lot more each month than they planned, but they only realize it after they buy, when it's too late.

This makes no mention, yet, that a homeowner needs to pay for maintenance now, unlike most renters. There are always things to fix and improve, meaning there is always more unexpected costs.

So we suggest that you "play house" before actually buying a house.

What does that mean?

Talk to someone who is an experienced real estate professional and have that person help you estimate what your total costs are likely to be as a homeowner. Ask about the (a) property taxes, (b) home insurance costs, and (c) approximate maintenance costs.

This last one is important. If you buy an older home, because it is more affordable to purchase, it will likely come with more repair needs than a newer, more expensive home.

If you live in a home that needs repairs but don't have the money to fix it, suddenly your home begins to decay, and the property value will drop with it.

So you should never buy a home? What should you do?

We suggest that you "play house."

For three (3) to six (6) months, pretend like you have to make a house payment that includes all of these costs. Act like you have to pay that much, and do not touch the "extra" money that you're paying, no matter what. See how well you can live your life with this "new payment."

During this trial period, if this additional cost does not seem to create too much additional stress, , then you're probably ready to buy a house.

If you find that it is harder than you thought and you are not ready, it's sure better to find NOW than after you get your 30 year mortgage. Then it's too late, and you might stare bankruptcy in the face. That face, by the way, is pretty ugly.

There still are plenty of benefits to owning a home; so do not be scared from buying, if you're interested. However, you should play house today so that you know, for sure, that your life will be enjoyable once you buy the house instead of a constant worry.

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