Things That All First-Time Real Estate Buyers Need To Consider

21 October 2015
 Categories: , Blog

You only buy your first home once, so it's only natural to be excited. However, you shouldn't allow your emotions or excitement to control the decisions that you make. Chances are, you already have an idea of the type and size of house you want. However, how do you know that what you're expecting is realistic? Before you begin looking at house, take a moment to think about these things.

Your Long-Term Needs

It's common for first-time real estate buyers to look for houses that fit their current needs. In fact, many people purchase houses thinking that they will only live in the house for five years, or they can put an addition on the home if they need more space. But, what happens if you can't afford to move in five years or you don't have the means available to upgrade the house? When you're buying your first home, it's just as important to consider your long-term needs as it is to think about what you need right now. Some things to think about include:

  • Do you want children? If so, is the house large enough for a growing family?
  • Do you want to rent or sell the home in a few years? If so, how difficult will it be to attract buyers or renters? Is the house located in a good neighborhood? How good are the schools in the area? You don't want to limit the type of renters or buyers that your house will attract.
  • What type of upgrades does the home need? It's common for first-time home buyers to overlook needed upgrades if the home is in livable condition. However, things such as putting up a fence around your yard for your dog or finishing the basement are costly. You might be better off buying a house that already has these types of features.

Know What You Absolutely Need

Chances are, you're going to have to make some compromises when you purchase your home. So, it's important to know what features are your must-haves. Before you starting touring homes, make a list of all of the features you want. Then, highlight your must-have features. As you go through each house, use your list as a checklist. This way, you don't end up buying a house that you think is beautiful before you realize it doesn't have several of the things that you need.

Think About All of the Household Expenses

Typically, your property tax and the cost of your homeowner's insurance is included in your monthly mortgage payment, but you need to double check before you start signing paperwork. Also, when you're trying to decide how large of a house payment you can afford, keep in mind the cost of utilities in homes often differ from apartments and condos. So, before you make an offer, call your local utility companies to find out the average monthly utility cost for the house.

When you're buying your first home, you shouldn't let all of the small details stress you out; the process is supposed to be fun. By knowing exactly what you want before you begin looking, you can relax and enjoy the house-hunting process. 

However, if you find you must vacate your new home quickly, there are companies that purchase homes as is. Local companies, such as Ebh Properties Inc., may help answer any questions concerning such services.