Here are some things to consider when buying your first home.
1. Looking to find the right price
In the end, the price will dictate what you can or can’t buy. Looking at homes above your price range can be fun, but it’s not a good time-use — and when you realize it’s not financially feasible it can lead to heartbreak. Despite this, the research found only 55 percent of buyers stayed on a budget in 2019, while 26 percent stayed above their initial budget.
How to set your budget for the home buy
Use the Affordability Calculator: This handy tool gives you an initial budget range based on your income, current monthly bills, and the number of down payments. When you have the range, along with other requirements, you can set up alerts for market homes the suit your price range.
Get pre-approved: Once you’re ready to really start your home search, the lender of your choice will want you to pre-approve. They will approve you up to a specific amount for a loan, based on your revenue, debt, and credit history.
Forecast your mortgage payment: Even if you are pre-approved by your lender for a large loan, you should make sure that you are at ease with your estimated monthly housing payment. When using the mortgage calculator to estimate your monthly payments, be sure the fees for taxes, insurance, and HOA are accurate — these items can make a big difference in your monthly costs.
2. Make location a priority
Location is one of the most important things to consider when purchasing a house aside from the budget. The 2019 report revealed that 24 percent of buyers found finding a home in their desired location difficult or extremely difficult. If you can’t find a home in your perfect neighbourhood or afford it, you’ll want to ask yourself a few questions (and get your agent ‘s help) to find a place that suits your lifestyle, needs, and budget. Remember — the location of your home can not be changed so take the time to really identify a neighbourhood where you’re going to be happy living.
Close to Downtown
It’s not shocking that homes closer to central downtown areas, due to their shorter commutes, have higher resale value. According to data, buyers can expect to pay more per square foot for a home within a 15-minute rush-hour drive to the city centre, in 29 of the country’s 33 largest metro areas included in the study. This could be why 15 percent of purchasers who promise to remain within their budget add time to their commute.
Attributes in the Culture
If you like walking to restaurants and shops, try walking the distance to the town to see if this is possible. Explore the area for some time, check out nearby parks, and find out what kinds of attractions are nearby.
Alternatively, if you’re someone who prefers a more quiet life and doesn’t mind driving, you might choose a home that provides more privacy, maybe in a place off the beaten track.
Quality school district
If you have children (or are planning to have children in the future), then you want them to get the best possible education. Checking out the school district reviews is a starting point, but to collect your opinion of the curriculum and services you should visit the local schools. Even if you don’t have kids, your home’s school district will impact your future value of resale.
Status of flood-zones
Homes in flood zones require additional insurance, and buying a home in a flood-prone area means you need to be prepared if there is a flood.
3. Think Long term
The average homeowner stays in their home for 14 years before selling according to the Zillow Community Survey. Don’t just think about your immediate needs when shopping for a house. Make sure that the home you pick meets your long-term goals and in the near future you won’t have to move again.
Dormitories and Bathrooms
If you’re planning to expand your family in the near future, make sure the new home can accommodate your plans, whether it’s a new baby’s extra room, a parent’s in-law suite, or a guest bedroom if you’re moving out of state and expect lots of visitors to come. It’s the same if you ‘re planning to downsize, or you’ve grown kids that will move out soon.
Outdoor Area
As already mentioned, most buyers consider outdoor space important. If you have a dog (or intend to get one), have children that need a healthy place to play, or are an avid gardener, you ‘re going to want to make sure the outdoor room in the house meets your requirements.
Potential for personalization
Many buyers are looking for a home that’s ready to move in, so they can avoid costly repairs and upgrades (especially right after moving in). But it’s cool, at the same time, to be able to add some personal flair to make a home feel like home and to advertise on domain.com.au if you want to add some of your own styles, be sure to keep away from homes that you can not change enough to fit your preferences.
Comforts of lifestyle
Ideally, your new home should improve your current lifestyle — and you’ve probably already envisioned what your life will look like in a new home. Consider your hobbies as you assess houses, and what makes you happy. If you love to spend time outdoors, for example, you probably want a home with a nice yard. If you love cooking, may a great, large kitchen is on your wish list. And, think about your current situation in life: what were the different things you want?
4. Assess the state of the property
TV makes home renovations look simple but they are nothing but in reality. If you’re a first-time buyer who’s never undergone a refurbishment, you may want to steer clear of a severely disrepair house. The costs will easily add up, and if the house needs structural repairs it may postpone your move-in, creating needless stress. Here are the three main categories of the condition of a property.
Get ready
A ready-to-move home is new, close new, or has been recently refurbished. Zillow-owned homes are ready-to-move homes that a licensed contractor has recently restored and are ready to resume their lives with new owners.
Updates are minor
A home that needs minor upgrades may have cosmetic issues that you’d like to alter, or may have some obsolete mechanical systems that could be upgraded to save energy. Read more on the minor details of cosmetics below.
Major rebuilding
Considering the work that needs to be completed, a home that requires substantial renovations is typically priced lower. The opportunity to personalize the home to your tastes is one upside to a major renovation. Bear in mind that the return on investment for a major renovation is not 100%, and if the repairs are more extensive than anticipated, you face a delayed move-in.
Checks the state of expensive systems
Regardless of the condition of the home you ‘re buying, make sure your inspector checks to ensure the proper functioning of major home systems and mechanicals. If problems are uncovered, you will want to ask the seller either to repair them before closing or to offer credit so that you can fix them on your own. Look to the following expensive issues:
5. Don’t focus on small things
No house is flawless, so don’t hold on to little imperfections. Don’t delete a home from your list for example only because you don’t like the colour of the interior paint. The cosmetic changes are relatively easy to make and affordable. Don’t let the minor issues below deter you from buying a house you would otherwise love.
It is easy to get distracted by clutter when you attend shows and open houses, or even when you are just browsing through pictures online. Try not to pay too much attention to the stuff of the seller-everything will be removed by the time you move in. Put all your belongings in the effort to picture the house as a blank canvas.
6. Keep your must-haves
There’s a big difference between wishes and needs, so when you’re looking for a home, create two different lists. A shorter commute may be a must-have, for example, but smart home apps are a nice-to-have one. Convenience and functionality should always take precedence over the bells and whistles.
