The old adage that location is everything applies to buying your first home. It’s important to consider your commute, how far you are from work and what your plans are for the future.
Don’t buy a bigger house than you need, and don’t forget to factor in expected family growth. This will help you avoid costly mistakes.
1. Location
The location of a home is important, for both current and future resale value professional rosanna. This is due to the fact that supply and demand are crucial market variables that will always play a role in determining the value of most things, including real estate.
A home’s proximity to work, shopping, leisure activities, and public transportation is another factor that many buyers consider. Proximity to amenities typically improves a home’s value, but it also depends on your personal preferences and needs.
It’s always a good idea to spend time in neighborhoods you’re considering before making any decisions. You can change your house, but you can’t change the neighborhood you live in (unless you move). Spending some time in a community and talking to locals can give you an idea of what it’s like living there.
2. Size
Home size is a key consideration for any future family. A single person requires a minimum of 400 square feet, while a household of five needs around 2000 square feet.
Purchasing the right-sized house will allow you to stay within your budget, as well as pay less for utilities and maintenance. A smaller home can also cost less to renovate and furnish.
It’s important to keep in mind that while you may dream of a large, luxurious home, the maintenance costs can be more than what you expect. Large homes can be expensive to heat and cool, and they will require more time for cleaning and upkeep. In addition, larger homes are often farther from city centers, increasing transportation costs and commute times. Keeping this in mind, it’s best to look at smaller homes as you shop for your first property.
3. Amenities
Amenities are characteristics of a home that add value and appeal. They can be public or property-specific.
Basic amenities include things like in-home air conditioning and heating. In multifamily complexes, amenities can also include swimming pools and clubhouses. These amenities are important because they help to make life easier for tenants or buyers.
For instance, a washer and dryer are considered an amenity because they save money and time. Homebuyers are also interested in having plenty of storage space. For example, a spacious closet with double hanging poles and ample shelving is a desirable amenity.
Knowing what amenities are valuable will help you find your perfect home. However, remember that you should not let the amenities drive your budget. Choose a price point that is comfortable for you and stick to it.
4. Financing
Buying a home is more than just shopping on your favorite house hunting app. You have to consider property taxes, homeowner’s insurance and closing, and appliances warranty.
Before you begin your search, get preapproved for a mortgage. Getting this step done can help you avoid overextending yourself in the process, since a lender will tell you exactly how much you can afford.
It may take longer than you expect to find your perfect home, especially if it’s a hot market. Be prepared to make compromises and stay flexible. Also, be sure to do a “listening tour” of neighborhoods. This can reveal issues you might not think about until later, such as the sound of trucks and trains rumbling past at night or early in the morning.
5. Property Taxes
The home-buying process can be overwhelming and confusing, particularly for first time buyers. However, if you’re prepared for what to expect, the journey can be rewarding.
One of the most important things to consider when buying a home is property taxes. These are tacked on separately from the mortgage payments, and they can increase over time.
Make sure you’re ready to buy by getting preapproved with a lender and finding an experienced real estate agent who can help guide you through the process. Then, don’t forget to include contingencies in your offer, which can allow you to back out of a sale without losing any earnest money if something goes wrong. Also, be sure to get a survey done, as this can affect your property tax rate.
