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When you’re buying a house for the first time, a lot of thoughts start racing through your head, some of them practical, while others are not so.
Sure, it’s fun to consider a home just because it has a huge kitchen island with granite countertops, but is it practical?
House-hunting is an enjoyable experience, but you shouldn’t let your emotions overcome practical considerations.
Understandably, when you’re in the market for a new home, the first place you turn to is the Internet, particularly in these unprecedented times. Real estate specialist sites such as Earthauz property finder would ideally be the first place you would look into.
However, the problem arises when you begin to look at the properties available. The information can be overwhelming. Here are a few practical considerations you should keep in mind when looking for your starter home:
4 Practical Tips For First-Time Homeowners
This should be the first thing on your starter home considerations. It not only describes the sticker price of the house, but it also refers to mortgage rates, property taxes, repair and renovation costs (if applicable), maintenance costs, etc.
Think of it this way: if someone offers you a 2-acre property in an upscale neighborhood with a forest and a lake, and it’s well-within your minimum budget, then it sounds like a steal.
But what if the house itself requires costly repairs like a new bathroom? Or is it in need of re-grouting? How do you maintain the two acres? What’s the property tax going to be like?
These aren’t ‘fun’ questions to ask yourself, but they’re necessary. You don’t want your first home to be a money pit you can’t dig yourself out of. Consult with a professional real estate agent who can help you decide whether a property fits your budget or not.
You might find a house that is physically a dream, but leaves much to be desired, location-wise. Or, it could have all the space you’ll need for your necessities, but not enough for your hobbies.
Considering your lifestyle when you buy a starter house is essential in making sure you’re not throwing your money away for a property you might not be happy with.
Find a house that can be home to both you, your hobbies, and your interests. Remember that this is going to be the start of your life, so make sure you’re living in a place that makes you happy.
This is where a lot of first-time homeowners often slip up. Because all these reality shows tell you that a lot of houses can be fixer-uppers, a lot of potential first-time homeowners also feel like they should settle for a dilapidated property that they need to renovate.
Nothing can be farther from the truth.
When buying your first home, you don’t have to get one that is decrepit or falling apart. There are plenty of properties out there that are well-maintained and don’t require a lot of repairs and renovations.
Work with your real estate agent to find these listings. Remember: this is your first home, don’t settle for bad or even mediocre.
What Happens Next?
Remember that this is your starter home; it’s not meant to be permanent. Consider what you’ll be doing after the property has gone past the shelf life you put on it.
Do you want to try and sell the house so you can upgrade? Maybe you want to make renovations so you can rent it out? These are also considerations you should be making when you start first-home shopping.
Or, maybe, you want your starter home to be your permanent home. That’s okay too, so long as you factor that in when making your final decision.
SEE ALSO: THINGS TO KNOW ABOUT HOUSE AND LAND PACKAGES MOST ESSENTIAL FACTORS FOR FIRST TIME HOMEBUYERS TO CONSIDER BEFORE TAKING HOME LOANS