3 Things to Consider Before Buying Your First Home
Investing in your first home is one of the most exciting steps in life. What an accomplishment to be able to buy yourself a house to live in, and to create memories that will last a lifetime. Maybe you’re trying to start a family, and are excited at the perspectives this new home offers, or maybe you would like to invest your hard-earned money in some property. In any case, though buying your first home can be exhilarating, it can also be overwhelming when faced with many important decisions to make. We have compiled a thorough list of 10 things you should think about before buying your first home, so you’re confident you can make all the right decisions!
Study the market thoroughly before you make any decisions
If you were around during the 2008 recession, you’ll know how much the real-estate market can bend and change through time. Very quick shifts can occur, which is why it is important that the first thing you do when thinking about buying your first home is study the market. To do so, you can:
Look at many listings to find out the type of property available at your price point.
Dedicate a day or two to explore neighborhoods if you’re not familiar with them all and find out which one attracts you. Then, finetune your search to that particular neighborhood and take note of the average price.
If the market price for your ideal home doesn’t fit your budget, don’t hope for an amazing deal, it most likely won’t happen. Look for listings that fit your budget.
Don’t settle for the first option you come across, take the time to explore.
Consider your long-term plan
Let’s say you have found a property you love and you’ve finalized the deal. You’ve spent months, maybe even years finishing the paperwork at at last, you’re able to move into your home. You dedicate so much time and effort to making this house feel like home, and by the time you’ve finished it all, your needs have changed. Oh no, you’re going to have to do it all again to find something better suited to you…
Our needs can evolve at an incredibly fast-pace through life, and that’s something to factor in when choosing your first home. Are you planning on having children? Will you be moving in with your partner? Will you be starting a new home-based business venture in the next few years? Try and anticipate changes as best you can and choose a home that will give you the room to grow and expand.
Factor in the true costs of your ideas
Sometimes, especially when buying a first home with a limited budget, we tend to dream big and underestimate the work it would take to renovate a place. It is easy to imagine beautiful glossy cabinets in the place of old 70’s cupboards, and sleek, lustrous wood flooring instead of old, grimey tiles.
Think about the full cost of renovating when planning it out - a common mistake is to forget to include the cost of labor, which can amount up to a lot of money in the end. The average cost of renovating a kitchen is $13,000–37,000, and a bathroom usually costs $6,000–15,000. Adding all that up to the price of the home might mean it’s more cost-efficient for you to purchase something slightly more expensive but with less renovations.
A home that suits you
The bottom line is: your first home should suit your needs in the best way possible. Take the time to find whatever property that can achieve that for you, and don’t hesitate to bring as much research to the table as you can. Here at Wasy Homes, we have been helping buyers search for the first home of their dreams. Contact us for advice, we would be happy to help!
