Buying your first home is an extremely exciting time. It’s usually a turning point in the life of those who do it. It can mean you’re growing up and ready to settle down – sometimes even ready to start a family. Below are a few things you’ll wish you’d known before buying your first home. Take a look:
1. Your Finances Inside Out
The first thing you’re going to want to know is your finances, inside and out. You need a good handle on your finances if you’re going to handle being a homeowner. Being a homeowner can be expensive, what with the mortgage repayments, repairs and maintenance, and anything else you need to pay for. For this reason, knowing your finances and what you can handle is imperative to enjoying life in your new home. If you don’t have a good handle on your finances, you may end up purchasing a home that isn’t right for you and resenting it later on down the line.
2. The Local Market
You should have a good idea of the local market you want to buy in, and this will help you to understand houses like the one you’re thinking of buying better. How long do they stay on the market? What is the average asking price? You can also find an agent who understands the local market to help you, but they must have your best interests at heart.
3. Your Priorities
What are your priorities when it comes to buying your new home? This should be something you think about carefully. You might want to speak to somebody like Dan Bowersock, expert seashore realtor if you’ve always wanted a home on the seashore, for instance. However, you should know what else you want. How many bedrooms? Kitchens? Bathrooms? What style? Have a good idea of what your deal breakers are too. If you don’t outline exactly what you want beforehand, it’s too easy to become dazzled by all of the different houses that you see.
4. You May Not Live In This Home Forever
You spend a lot of time and money getting into your first home, so the last thing you want to think about doing is moving out. However, you may not live in this home forever. You might be tempted to purchase a house with 4 bedrooms, but unless you know they’ll be filled in the next few years, you’ll probably waste a lot of money. Be open to the idea that you may move in the future. Buying a house that is right for you for the foreseeable is important, but you need to be able to afford it and live in it comfortably.
Buying your first home is not something you should rush or take lightly. It’s something you need to carefully consider for some time before going ahead. Are you planning on buying your first home, or have you bought one? Is there anything you wish you had known? Leave a comment!