Buying a home is a huge investment.
If you’re looking for a new place for yourself and that special someone, you’re in the right place. Buying your first house is a major achievement—get it right with these simple tips.
Whether you’re looking for a home for you and your partner or for your family, here are some things to consider when buying a house for the first time. This is an investment, so you’ll want to plan ahead. You may not have kids now, but will you have them in a few years? If so, you’ll need to plan for a family—even if you don’t have one yet.
Where Is It Located?
What kind of home are you looking for? Townhouses and duplexes are less expensive but offer less privacy, meaning more interaction with your neighbors. They also might be noisier—you don’t want to hear some guy’s music from next door while you’re trying to sleep.
Keep in mind the location and size of the house. Are there enough rooms for what you need? If you or your partner work from home, you may need an office. If you’re planning for kids, you’ll need at least one extra bedroom. Which school district your kids will fall into is also a factor.
Stick to Your Budget
You’ll need to factor in the cost of any renovations into your overall budget. It’s also smart to set money aside for emergency repairs; you never know what could go wrong after you close on the house.
Most importantly, take the loan you need, not the one they offer. If the bank’s offering a higher loan, don’t stretch your budget to take it. Over-spending will make your monthly payments higher and can cripple your finances in the long run.
How Many Renovations Will It Need?
This aspect affects your budget, so keep it in mind. Buying a fixer-upper can be a fantastic way to get a good deal, but not if you aren’t willing to put some money into renovations. Things like demolition or plumbing issues are costly, but painting or replacing tiles can be relatively inexpensive.
The home inspection is an important thing to consider when buying a house, especially if it’s your first time. This will give you an idea of whether the home is worth the work it will take to fix and how much those repairs might cost. There are some issues, like signs your home might need foundation repairs, that you can spot yourself. However, it’s always best to get a professional opinion.