Congratulations! You’ve made the decision to buy your first home — a terrifying, yet exciting process.
Perhaps you’ve started looking at homes online and considering the neighborhoods you’d like to live in. But before you get too far in, read on — we’ve put together the ultimate guide for first time home buyers in Morgantown and Bridgeport, WV.
Our guide is designed to help first-time home buyers navigate and organize this complex process — whether you’re buying your first home or building a custom home.
BEFORE YOU START LOOKING
Take a Hard Look at Your Finances
Before you even consider buying a home, you need to ensure your credit is in good shape — this will help you get good rates on your mortgage. If you have credit card debt, work diligently to get it paid off and make sure you’re paying bills on time.
If you have excellent credit, there’s a good chance the bank will approve a loan for much more than you think you should spend — follow your gut on this. You need to make sure your monthly mortgage payment is manageable and that it doesn’t leave you house poor.
Make sure you base your monthly payment on your current means — don’t assume you’ll get a promotion or a raise in the near future that would allow you to spend more on your mortgage. If it doesn’t happen, you’ll be stuck with an uncomfortable payment.
Finally, get pre-approved for your mortgage — this will give you an advantage when the seller is looking for a quick and smooth transaction.
Start an Emergency Fund
As exciting as looking for a new house is, the reality is that things will go wrong — maybe it’s the washing machine or an electrical issue. But unless the house is new, it’s bound to happen. Start a savings account for home repairs and issues so you aren’t stuck after you move in.
List Your Needs and Wants
Before you start looking, make a list of your needs and wants. It’s important to know what you can compromise on and what you absolutely need to be firm about. List the number of bedrooms, bathrooms, features, overall size, outside space, upgrades, renovations etc. It’s also important to consider your future needs. For example, if you plan to start a family, you’ll want to ensure you have space. Your list will help you stay on track when you start looking.
Research
It’s important to pick the right neighborhood when you buy your home — the neighborhood affects resale value, as does the school district and proximity to hospitals and other amenities like grocery stores. Once you narrow down your list, start driving through those neighborhood on different days and times — this will allow you to see what traffic is like in addition to activity and noise.
WHAT TO LOOK FOR
When you start looking for homes, it’s important to keep your checklist and budget in mind. Don’t start by looking at properties that are over your budget or outside of your desired neighborhood.
Look Outside
Before you go inside the home, take time to look around outside — walk around the entire parameter at least once. Look at the roof and find out how old it is — newer roofs can sometimes mean a lower homeowners insurance rate. And the last thing you want is to move into your new home and unexpectedly have to replace the roof right away.
You’ll also want to look at the foundation. Look for cracks or pooling water and trust your gut — if something looks off, make a note of it. Make sure the brick or siding is in good shape and assess all concrete. Look at patios, paths and the driveway — minor cracks and pitting can easily be repaired, but you’ll want to question any major structural cracks that could cause problems.
If the home has a retaining wall anywhere, check the state of it — if it’s already cracked or leaning, it will quickly get worse. Retaining walls are common in Morgantown and Bridgeport where many homes are built on an incline or hill. Check out any fencing and finally, look for the placement of any large trees — if they’re close to the house you’ll want to make sure they get trimmed back and that the roots aren’t going to become a problem.
Meet the Neighbors
Before of after you go inside the home, check out the neighbor’s houses. Are they well maintained? Clean? Also take note if any other homes are for sale or empty, in addition to trying to find out if they are owned or rented.
Additionally, check out the state of the sidewalks, streetlights and roads. While this may not be a deal breaker, it’s good to know that your neighborhood is well-maintained.
Inside
When you go inside the home, it’s easy to get excited and only focus on the positives. Keep a critical eye. Look for structural issues, like loose wires, excessively creaky floor boards, cracks in the ceiling, old appliances or anything that looks generally unsafe or out of place.
Make sure you check out the heating/cooling in addition to the water heater. Older inefficient systems may mean your utility bills are higher, which is something to keep in mind.
Open up the cabinet under the sink and the bathroom vanities — check out the plumbing and look for leaks, mold or any thing that just looks odd. Look for outlets and make sure there’s enough — in older houses, there’s sometimes only one per room. And it’s costly to add more.
Take the time to run the water, check the light fixtures and make sure the windows and doors open well — even flush the toilets. You need to know that things are in working order and if not — write it down.
Don’t get hung up on paint and decor — those things are easy to change. The foundation however, is not. It’s also important not to let clever staging fool you. You would be stunned at the difference it makes — strategically placed mirrors to make the home look bigger and inviting smells to make you feel welcome.
Feel free to gently move things around — sometimes staging lamps aren’t even plugged in because they’re nowhere near an outlet. Attractive rugs maybe covering unsightly stains or scratches on the floor. And make sure you turn lights off and move window coverings if applicable — a bright airy room that you love may simply be a product of smoke and mirrors.
Make sure you ask questions — and get answers. If your agent doesn’t know, ask them to follow up with you within 24-hours with an answer.
FINDING YOUR FIT
Old homes are incredibly charming with unique features that you just don’t see anymore. But they’re often expensive to maintain, averaging far more in repairs annually than a newer home. Brand new homes may be in neighborhoods where construction is ongoing — and you may not be willing to live in a construction zone until the other home are complete.
Elite Custom Builders | Custom Home Builder | Bridgeport, WV | Surrounding Areas
There’s so much to weigh out — and we understand that it’s overwhelming. Sometimes, you fall in love with a neighborhood, but there simply isn’t a house on the market that fits your needs. That’s where Elite Custom Builders can help. If there’s land available, building a new home may not be completely out of your budget.
ECB works throughout North Central West Virginia, have a combined 70+ years of experience and serve the North Central West Virginia area including:
- Morgantown
- Fairmont
- Cheat Lake
- Clarksburg
- Bridgeport
- Weston
- Elkins
- Davis
- Preston County
- Wheeling
- We also work in the Pittsburgh, Pa., area.
New homes have lower maintenance costs and mean that you can check off more items on your needs/wants list. If you’d like to learn more about building a custom new home in North Central West Virginia — give us a call.