Buying Your First Home? Don’t Buy Unless it Has These 4 Things
When it comes to buying your first home you don’t want to be stuck with an expensive house that doesn’t make you happy. In fact, choosing the wrong home can leave you feeling house poor, and worst of all, regretful. Buying your first home should be a wonderful experience where you usher in a new phase of your life. You may be thinking about having kids or settling down in your community for the long haul.
Don’t try to purchase a home in haste. Instead, make sure you take your time and have patience. Here are some key things to consider when you are buying your first home:
- Location
- Room to grow
- Property abstract (maintenance on the home)
- It’s in your budget
Location
While finding the right price point for your home is a large factor, most homeowners agree that location tends to be one of the most important factors when purchasing a house. Choosing the right neighborhood, picking a home close to your work, and finding the right amenities close by should all play a role in the purchase decision. If you have your heart set on a certain location that your home must have then don’t skimp! Saving an extra 30 minutes in your commute can be extremely worthwhile for your mental health.
In addition, the location will also affect the price of your home in the future. Ideally, you want to buy a home in a growing market. That way your property values go up and you can build equity in your home. Look for an area that has growing capacity. If you can, try to buy at the lower end of the market to get the maximum benefits.
Room to grow
Buying your first home can be a tricky task. Do you plan for the future or buy a home that makes more sense money-wise? Finding your dream home for your future family means you need space to grow into. Kids and pets need places to play and let loose for many years to come.
If you are planning on having kids, consider choosing a home with more space than just for you and your spouse. Whether that’s a playroom or a washroom, keep in mind that any extra square-footage is going to cost more money. So it’s important to maximize your space in certain areas. That may mean you need to spring for a bigger kitchen or bigger bedrooms. You need to figure out how much space your family needs to stay happy and healthy.
Property Abstract
A property abstract is a little know secret when it comes to buying your first home. A property abstract is a history of the buyers and sellers of the property. It will also include information about the surrounding area when it comes to housing prices. This means you can track the value of the property throughout time. If you want to know everything about the home or neighborhood then you must get a property abstract.
It’s in your budget
As mentioned above, being house poor is no joke. While the location is critical when it comes to buying your first home, so is your budget. Many first time home buyers feel the need to spend at the top of their budget. In turn, this puts them in a bad financial situation. They struggle to make ends meet, especially when they become parents.
Don’t let that happen. Stay well within your budget to get the best of both worlds. If you partner with the right realtor they can bridge the gap for you often finding the best of both worlds.
Are you interested in purchasing a home for the first time, but not sure where to turn to? We can help! MWT Realty Group is dedicated to serving you and finding the best home for your needs. We understand that you need someone you can count on to help get you not only the best price but the perfect home for your lifestyle. Contact us today to see how we can help you!
