Buying your first home is an exciting experience. However as a first-time home buyer you may be a little overwhelmed. The following are seven things to look for when going through the home buying process:
1. A house that’s in good condition
A house that’s in poor condition may seem like a bargain at the price it’s listed at. This could however end up costing you much more in repairs and renovations. Areas that you’ll want to pay specific attention to include the roof, foundation, wiring, and plumbing. It’s why a professional home inspection is always recommended.
2. A house that’s affordable
Make sure you know exactly how much you can afford. Be sure to understand the costs involved in home ownership. Some examples are monthly mortgage costs, insurance, utility, tax and general maintenance costs. Never exceed your budget even if you are tempted to – doing so can hurt you financially in the long run.
3. A good neighbourhood
Do a little research on the neighbourhood the home is in. Are the neighbouring homes in good condition? Do the neighbours have good things to say about the area? Are there nearby amenities? Is the crime rate low? These are all things to consider when deciding on a neighbourhood.
4. A good school district
Depending on if you have kids or not you’ll want to make sure that the house is located in a good school district.
5. Future area plans
Future plans of the area the house is located in can impact the value of the home. For example, a house located in a quiet area, with future plans for a freeway nearby, may become an undesirable location. Of course, the future could be bright as well. For example, that unsightly parking lot across the road could be turned into a park.
6. Non-restrictive HOA (Homeowner Association) rules
If you want to renovate the house or invest in a home addition, you will want make sure HOA rules will allow for it. Some HOAs have restrictions in place pertaining to home improvements.
7. A floor plan for the future
Don’t just consider your current needs. If you’re planning on having kids in the future, then you may want an extra bedroom or two. Or perhaps you will want your aging parents to move in at a later date.
These are seven of the most important things you should look for when purchasing your first home. Once a house checks off all items on this list, only then should you judge it based on your unique wants and needs.
