The joy of daydreaming about owning a home is something that modern man finds very addictive. This is especially true with HGTV and other house flipping shows. First-time buyers can find it difficult to comprehend how a property that isn’t quite in their “dream” category can be made into a reality. And how a home that seems perfect right now could end up feeling like a disaster in a few years.
First-time buyers should carefully weigh their options to avoid this unfortunate situation. These factors will help you choose a house that will feel like home for many years.
Price
You need to be able to afford the home you want. It doesn’t make sense to have four bedrooms if you can only afford two in your area.
It doesn’t mean you have to go through the whole process of getting preapproved for a mortgage. However, you should do some research about your local housing market and consider your down payment and current financial situation. You can find mortgage calculators online and other useful tools. It’s also helpful to speak to a professional like a broker, trusted realtor, or real estate agent to get an accurate idea of how much you can afford to buy a home.
Beds, baths, and size
You know what size your household is and whether it’s likely to grow in the future. You also know how much space you’re likely to need based on your own current household’s configuration — if you work from home, then your desire for a little more space (and a room for a home office) might be non-negotiable, whereas if you’re used to commuting to an office every day, you may not need a home office at all.
So get a handle on the minimum number of bedrooms and bathrooms you’ll need in any home you buy. If you can, try to come up with some parameters for square footage, too. And you may want to think about your overall lot size if, for example, you’re an avid gardener or you have large dogs who’ll need some space to romp in the yard.
Special features
Once you know what your requirements are for a home you can start to consider the features you want. Maybe you need a garage to store tools or a fenced-in yard for the dogs.
Also, consider the heating and cooling requirements for the home you are considering buying.
You might consider some of these extras “nice-to-haves” while others may be necessities. Before you make any final decisions on necessities, talk to a general contractor and a real agent. It is possible that some of your “must-haves” can be easily added once the house is completed.
Location matters — a lot
Smart buyers will look beyond the local school district when looking for a home. What distance is your home from major highways in the region? Is that a good or bad thing? What distance are you from work? Are there job opportunities in the area? What is the shopping environment like? What are the best grocery store locations?
The neighborhood is just as important as a home. You can’t change it, but you can buy it. Make sure you understand the local area and its potential effects on your life.
Focus on what you can’t change
It is easy to get attached to one aspect of a house and let it cloud your vision for the future. You might love the kitchen and want to relive the scene in Julia and Julia. But if the home doesn’t have enough bedrooms or bathrooms, you will regret buying it. When you tour a home, share your list with your agent. Ask your agent if the house can be modified to meet your needs.
You can have a professional help you determine if the house you are considering buying is actually your dream home. While you can make changes to your kitchen and replace carpeting with hardwood floors, if you are looking for waterfront property, it might take several thousand years.
Is that really a “bargain”?
When faced with the choice of a home you think is a bargain, but that needs work or a home you like but that doesn’t need much, which one should you choose?
It’s likely that you will choose to spend more today on a home that will still be standing strong tomorrow. You might have a good reason for listing a home at a bargain price. It may be too expensive or time-consuming to repair.
Another area where your agent can help is to determine if a home’s value is worth the savings. Agents have seen homes of all ages in the area and in many different situations. They can help you understand what common problems arise in homes, and whether or not the property you are considering is at risk.
You can start your home search if you are familiar with how to find the right properties for sale. Once you have a list of your desired properties, you should consult a real estate professional to help you take the next step towards your homeownership goal.
Note:
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