It's not uncommon for first-time home buyers to arrive at the realtor's office with a precise list in hand of everything they want their first home to have. They've watched the decorating and house hunting shows on television. They have a dozen virtual bulletin boards in the Pinterest account, full of ideas for the perfect kitchen, landscaping, and man cave. But unfortunately, many young future home buyers haven't spent nearly as much time looking at the financial and logistical realities. Here are some things to consider.
Ensure the Location Is Affordable
You may have the perfect neighborhood in mind for you, your family situation, and your lifestyle, but that doesn't mean it will be the perfect fit for your wallet. In many bigger cities, the downtown areas are desirable, especially for young couples. But in many of these cities, gentrification is occurring, which means less affluent people are being priced out. You may need to literally expand your horizons and radiate out from your ideal to find a home you can actually afford. You likely will also need to consider other things when it comes to a location you can afford. How far is it in proximity to your job? How long will be spent commuting each day? Is that time you can afford? What are the schools like? Is it a safe neighborhood? If you end up buying a home in an area far from work that you don't feel safe in and doesn't have the best schools for your toddler, you won't be happy no matter how affordable it is.
Revise Your Want List
Chances are, you're not going to find everything you want in one house, in the location you want, and at a price you can afford. Go through your list and decide what the absolute must-haves are and what the things are you feel you can live without. Master bedroom en-suites with huge walk-in closets are nice, but they aren't likely to be found on older starter homes unless the home has been recently renovated. Swimming pools and four-car garages usually come later in life, but this reality can be difficult to swallow.
Look Beyond the Mortgage Payment
Don't get in over your head with more house than you can afford. Just because the mortgage payment is affordable doesn't mean you can actually afford the home. There are taxes and insurance and utilities and maintenance and other fees to consider. Get yourself a buyer's agent who will go over everything with you and help you buy a house you can be happy in and afford.Share
26 February 2018
About a year ago, I realized that there were some serious issues with our home. I could tell that we needed to do something to upgrade our residence, so we started looking for a different property. I was able to find a really nice real estate agent who could help, and they worked hard to pair us with the perfect home for our budget and lifestyle. Now I can honestly say that I love my home, and I couldn't have chosen a better one on my own. Check out this blog for great information on improving real estate holdings and finding a better home.