Purchasing your first home can be a dream come true, or it can be a nightmare. If you do things right, you will most likely end up truly happy. If you don't do things right, it can become one of the worst mistakes you can make in your life. Consider these tips before jumping into this major decision.
Your Bottom Line
There's more involved in the cost of buying a home than most first-time home buyers think. There are property taxes to consider, a down payment, homeowner's insurance costs, closing costs, home repairs, costs for inspections, realtor fees and other expenses. Additional costs can come by way of HOA fees. It's important to find out the total cost at the end of the month in order to assess whether a home is affordable. Don't be fooled by the purchase amount alone. Some homes that have low purchase prices may have higher property taxes. Discover all of the costs associated with a house with realtors like Krueger Real Estate that help establish potential costs.
Rural vs. Suburban
Living in a city is very different than living out in the country. You need to determine how close to stores you want to be, whether you're able to fix your home on your own and how to deal with disasters amongst other things that come with home maintenance.
It's not enough to find the perfect home. You also need to consider the neighborhood. If you work from home, you will need a quiet place to work. If you value your privacy, it's not wise to move to a neighborhood where the houses are closely situated. Consider your potential home's surroundings to gauge whether it's a good fit for you.
Nearly everyone has a dream home in mind, but people seldom put to paper what their must-have's include. For instance, a wife of a mechanic may wish to have a "mud room" where her husband can get cleaned up before entering the rest of the home. It would not be worth her time searching for a home without one. Until a first-time homebuyer sits down to carve out their absolute "musts" for a home, they should not jump into searching for a home.
If you have children, you'll need to consider the nearby school rankings. Higher school rankings typically mean a lower amount of violent crimes within the area as well.
Consider the tips above, and don't be afraid to ask plenty of questions before and during the process. You want to be happy with your decision. The best way to make a good decision is to be informed.