Purchasing your first home is exciting; however, it can also be a challenging time. With all the information and tips out there, it can be difficult to cover everything. While you likely know the basics when searching homes for sale, you may leave out a few, important considerations. Some of these considerations are:
Think about the Long Term Re-Sale
Do you have plans to have kids, or take care of an elderly parent? You may only be planning to live in this first home for a couple of years. If this is the case, who will you resell to? If you purchase a home in a bad school district or a house on a busy street, the majority of families are not going to be interested. Be sure to consider when and to whom you may sell the home in the future.
When searching homes for sale, you will quickly discover it is an emotional process. However, setting aside these emotions is important to practically evaluate a home. One way to do this is to create checklists of things you must have, things that would be nice to have and other essentials. Each time you visit a house, take it along and take pictures of what each home has that you want. Make sure the house you fall in love with is practical for you and your family.
Heed the Well-Known Advice about a First-Home Purchase
Some examples of this advice include having an emergency fund, saving 20 percent for a down payment, getting your credit in good shape and not buying a house you can’t really afford. While it may be old advice, it is still good advice.
When it comes to buying a home, there is quite a bit of preparation and a lot of thinking involved with the process. However, taking your time, using the tips here and trusting your gut will ensure you get into a home you love and can afford.
5 tips for first-time homebuyers, bankrate.com
Tips for First-Time Home Buyers, thetruthaboutmortgage.com