Massachusetts Home Buyers Series: Biggest Blunders of Home Buying – Buy the Location, Not the House

by Jack Morrison on November 13, 2011

This week we continue with our Worcester real estate series, “The 5 Biggest Blunders When Buying Your First Home.” This series is based on my popular free ebook for Massachusetts home buyers, which I wrote because I see first-time buyers making the same mistakes over and over. Here is our monthly series schedule:

  1. Finance First, Look Later
  2. Buy the Neighborhood or Location, Not the House
  3. Get Everything in Writing
  4. Get a Home Inspection
  5. How to Find the Right Attorney

Now, this next topic is important so let’s get to it: Buy the Neighborhood or Location, Not the House.

Biggest Blunder #1: Buy the Neighborhood or Location, Not the House
Location, location, location. This is not the first time you’ve heard this, and it won’t be the last. The most common blunder first-time home buyers make is looking at the house first, then the neighborhood or location second. This is a big mistake. Let’s discuss why.

Buying a home today is not like buying a home 50 years ago. You are not going to buy a house and stay in it the rest of your life. In fact, did you know that the average homeowner changes homes every 5-7 years? This is a concept your grandparents (and maybe your parents) may not understand. But times have changed. This is your FIRST home…not your last. You are allowed to grow out of the first home.

So one piece of advice that I offer my clients consistently, is to buy what you need now. Look for things that other people who are in your position in 5-7 years will look for too.

Despite all the warnings out there, another mistake I see home buyers make frequently is that they try and buy the best house in a lousy neighborhood. Do it the other way around: buy a lousy house in a great neighborhood.  Now, when I say lousy, I’m referring to cosmetic problems (not foundational or structural problems) that can be remedied with a little TLC.

If you’re interested in buying a condo, you have to check out this section in my ebook where I go into detail about one of the most important aspects of a condo: the management.

The last word I want to leave you with, is that this house can’t be all things: the bachelor pad, the 4-kid house, and the retirement home. It won’t accommodate all phases of your life.

You can get my ebook, How to Avoid The 5 Biggest Blunders When Buying Your First Home (It Will Save You Thousands of Dollars And Hours of Time) on the homepage of my Worcester real estate lawyer website.

If you have questions for a Worcester real estate lawyercall me, Attorney Jack Morrison, at 508-852-7800. Or, reach out via our contact form. Thank you and I look forward to hearing from you. 

 

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