Many homebuyers know that they should start building equity and buy a home as soon as they can. But the idea of finally becoming a homeowner and then getting hit with big, unexpected repairs on the house is enough to make anyone feel a little worried!
If this resonates with you, don’t worry. With the right steps, you can alleviate your anxiety and buy a home with confidence. Doing these 4 things will ensure that you’re protected and prepared for any situation in your new home.
1. Set a budget for repairs and maintenance: Going into homeownership with money set aside just for maintenance and repairs will make sure you’re prepared if any unexpected costs do pop up. A good rule of thumb is to save 1-4% of the home’s value per year for maintenance and repairs. You can save on the lower end if the home is newer, and save more if the home is older or requires more upkeep.
2. Research the neighborhood: Some areas need certain kinds of repairs more often due to weather, trees, floods, and other environmental impacts. Researching the area and asking neighbors can help you find out what you should plan for when it comes to repairs.
3. Get a thorough home inspection: A home inspection is your number one way to avoid unexpected repairs after purchasing a home. That’s why it’s so important to make sure you find a great, reputable inspector and pay attention to the inspection! The resulting report will allow you to see what’s really going on with the property and give you the knowledge and insight you need to move forward with the deal in confidence.
4. Negotiate repairs: If the inspection turns up some needed repairs, work with your agent to negotiate with the seller on covering those repair costs. This way, you’ll go into closing day knowing that the repairs will be covered.
By taking these 4 proactive steps, you can significantly reduce your anxiety about unexpected repairs and approach homeownership with greater confidence. Remember, alongside your agent, preparation and knowledge are your best allies in the homebuying journey.
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