10 Things to Consider When Purchasing Your First Home
Buying your first home can be exciting, but it also comes with responsibilities. Therefore, you want to be sure that you find the perfect home for you by asking yourself the following questions.
1. What Do You Need From a Home?
Before shopping for your home, take time to consider your needs, including the number of bedroom and bathrooms. You will also need to make a list of your priorities in a home, such as needing a downstairs bedroom if you have a disability or wanting a large kitchen if you love to cook.
2. How Much Can Your Reasonably Afford?
One of the most important considerations to make when purchasing your first home is creating a reasonable picture of what you can afford, including the mortgage, property tax, utilities, maintenance fees, and any association fees. You will also have to put down a significant down payment, in addition to closing and moving costs.
3. What are Your Goals for Home Ownership?
Another important consideration affecting the type of house to purchase is your goals for ownership. Some people will buy a starter home with the idea to sell in a few years, while others will want something to live in for the rest of their lives.
4. What is the Neighborhood Like?
You need to ensure that you have a solid understanding of the neighborhood and its amenities, including freeway accessibility and shopping. If there are any communal areas, such as a pool or park, then you should inspect it to see if it is in good condition.
5. What is the Crime and Unemployment Rate?
When looking at the neighborhood, you should also review the crime and unemployment rate to determine whether it is a safe and desirable area in which to live. You should also take into account the property’s potential as an investment.
6. How are the Local Schools?
Even if you do not currently have kids, nor have any intention of ever having them, you should still look at the local schools. This is because they can play a large role in the value of your home when it comes time to sell.
7. What is It Like at Night?
If you are serious about a neighborhood but are unfamiliar with it, be sure to check it out at different times, especially at night, to get an idea whether it feels unsafe at certain times, or if it gets very loud.
8. What is the Commute?
Even if you have mapped out your new commute, you should still test it before finalizing on your home. Drive from your prospective house to your place of work during your normal commute time so you have an accurate understanding of the timing and traffic.
9. Get a Home Inspection
A home inspection is an essential part of the buying process, as it details any repairs that must be done to the home, as well as the cost. This will give you an idea of what you will have to do after you buy, as well as if you can negotiate the price down.
10. What Needs to Be Covered By Insurance?
Before purchasing your home, be sure to look into what needs to be covered by insurance beyond the general liabilities, including if it has a high risk of flooding, earthquake damage, or other disasters.