5 Myths to Be Aware of Before Buying Your First Home in Fairbanks

Buying your first home in Fairbanks may seem like an overwhelming task.  As you enter the Fairbanks Real Estate market for the first time, you’re hit with a number of questions and decisions you’ll need to make during the home buying process.

As a Fairbanks Real Estate agent, I enjoy helping buyers navigate their way through the process from our first consultation to handing over the keys to their new home!  First time home buyers are great to work with because they’re learning as they go and I enjoy educating clients on the ins and outs of the real estate market.  However, there are oftentimes ideas that first time home buyers have about the process that may not ring true when it comes to their experience.

Here are five myths you’ll want to be aware of before buying your first home in Fairbanks!

Myth #1- You Should Buy a Home You Can Grow Into- Planning ahead for the future is wise, and if you’re considering having a family, you may think you need a four bedroom home now.  However, what happens if an unexpected move or job transfer arises or circumstances change?  You may know that you plan on living in Fairbanks for the rest of your life; which is great!  The idea is to simply think through your goals for the future, as well as what you can afford for right now.  If you can’t afford a large home right now, don’t worry.  You’d rather have a smaller home now and be able to live without the stress of a major financial burden.

Myth #2- You’ll Find the Perfect Home- It’s easy to see visions of your ideal home when you begin thinking about buying your first home in Fairbanks.  And, while it’s good to have a list of things you’re set on having in your home; being flexible is key.  You most likely will not find a home with everything that you have on your wish list, and that’s okay!
Myth #3- The House has to “Speak” to You- It’s common for first time home buyers  to think that a home will grab your attention from the moment you step foot in the door- it will just feel like it’s speaking to you.  There are times that walking into a home, you’ll love the décor and the furniture that’s currently in the home and that may be the thing that’s grabbing your attention.  Remember to look past the current owner’s personal touches to the actual flow and features of the Whittier home.  Alternatively, don’t write off a home on first sight because you don’t like the current style. Things like paint and even flooring can be changed.  Look beyond the surface!
Myth #4- Never Buy a Home with An Old Furnace- While an old furnace can be a pain to fix or even replace, disregarding a home for this issue alone is not necessary although this myth is often believed.  Buying a lower priced home with a faulty furnace that needs to be replaced can be a better choice than buying a more expensive home in which the furnace does not need to be replaced. Of course you want to be aware of other issues with older homes such as wiring and plumbing; which can become very costly.  The bottom line is to weigh the pros and cons and don’t focus too heavily on those things that can be changed if the price of the home is right!
Myth #5- You Have to Win in the Negotiation- First time home buyers feel that in order to “win” a negotiation; they have to have the final word.  There can be a lot of back and forth between you and the seller, and it may be easy to want to fight for the refrigerator or minor repairs to be made.  But, you don’t want to get so emotionally involved with “winning” that you lose sight of the big picture. Buying a home in Fairfield is a business transaction, so it’s best to keep your emotions out off the table.

Hopefully by reviewing these myths, you’ll have a better idea of the reality of buying your first home.  Of course, as your Fairbanks Real Estate agent, I would be happy to guide you throughout the process and answer any questions you have!

Feel free to contact me today to get started!

Wes Madden, CEO/Broker
Madden Real Estate
(907) 452-3000

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