The first and most obvious decision point has to do with money. If you have sufficient means to buy a home for cash, then you can afford to buy one now. Even if you didn't pay cash, most experts would agree that you can pay for the purchase if you qualify for a new home mortgage. But how much can the mortgage pay?.
They say the three most important things to consider when buying a home are location, location, location. You can change almost everything else, but you can't change the location of your home. Therefore, when looking for a house, consider the proximity to your work, how the house is located on the lot, ease of access, noise from neighbors, and traffic. Also think about access to parks, shops, schools, and public transportation.
Not all square footage is created equal, which is where the floor plan comes into play. If you compare two 2,000-square-foot properties, one could devote most of the space to the living room, while the other could focus on more spacious bedrooms. If you need inspiration to renew yourself, check out these 10 simple design touches for your master bathroom. Remember that not everything has to be taken care of right away, but you'll want to get an idea of how much work it will take to transform the property into the dream home you've been waiting for.
Below are the top 10 considerations you should consider when viewing properties. You should have a general idea of the size of the home you want before you find a real estate agent. Calculate a minimum and maximum of square footage and the number of bedrooms and bathrooms you'll need. The size of the home you should buy will depend on your personal needs and preferences.
If you have a large family or plan to start one soon, you probably need to look for homes with more square feet, as well as more bedrooms and bathrooms. On the other hand, if your home is just you or you and your partner, it may make more sense and be more affordable to look at smaller homes. Whether or not the rooms in the house are suitable for your needs will depend on what you plan to use them for. For example, families with young children may not want a home where the master bedroom is on a different floor than the children's bedrooms.
If you plan to convert an additional bedroom into a home office, you may prefer a design where the rooms are further removed from the hustle and bustle of the kitchen and living room. Ultimately, it will all come down to what best suits your needs. Once again, the size and number of rooms are important considerations. However, there are many other factors you should also think about, such as closet space, natural and artificial light sources, views from windows, general privacy, and whether there is a bathroom attached to the master bedroom.
Also take note of the type of shower or bath that each bathroom has. Is it just a shower or is it a shower/tub combination? Do you have glass or curtain doors? Is the bathtub made of porcelain or plastic? Bathroom renovations can be costly, so make sure you are satisfied with the bathrooms as they are or prepared to pay for upgrades in the future. What are you looking for in a living room? Do you want it to feel comfortable and warm or stylish and modern? Keep your ideas in mind when looking at the living room, but try not to let any current decor influence you. Instead, look at the basic layout and style of the room.
Does it fit your taste? Can you imagine relaxing in this space? Note the design of the room, as well as the location of the wall outlets. Are there electrical and cable outlets near where you want to place a TV? Is the room big enough for your needs? Do you want a carpeted living room for your children to play comfortably? Unless you work in HVAC, you're probably not an expert in assessing the health of a home's heating and cooling systems. There are some basic questions that impact daily life that you'll want answered. Make sure you find a home that uses heating and cooling systems that you are happy with.
Otherwise, make sure you understand what it would take to have a different system installed. Not only can installing a new system be costly, but if you move from a ductless system to one that uses air ducts, there must be enough space inside the walls to install it. Everyone has a wish list in mind when buying a home. Whether for a price, size, style, location, or another, preferences matter.
But the most important things to keep in mind when looking for a home are the location, the location, the location. Most other aspects of a home can be changed, but you can't move the location of your home. She reiterates: “Most other aspects of a home can be changed, but you can't move the location of your home. Obviously, you should choose a home within your price range.
And you should have a monthly mortgage payment that you're comfortable with. That's why, for most buyers, home price is a decisive consideration. All of these additional costs will increase your monthly housing bill and your total cost of living. So, take some time to compare expenses if you're considering housing in multiple locations.
But remember, buying a home is personal. You'll need to decide which factors to prioritize based on your needs and price range, and which are not that important. If you can't decide what city or town you'll live in and what your five-year plan is, it might not be the right time to buy a home. For many homebuyers, the length of the trip from their new home to their workplace can be a big consideration.
Use these important factors as points of consideration as you and your family begin the homebuying process. But buying a home with space to expand or renovate could save you a lot of money in the future if you don't have to move as your needs and wants change. If you can't accept the idea of spending your weekends doing extensive pool maintenance, be careful to buy a property that includes one, even if you love the rest of the house. You can buy a home with as little as 3.5% down payment with an FHA loan, for example, but there are bonuses for getting more.
If you base the amount of house you buy on future income, you could also organize a romantic dinner with your credit cards, as you will end up in a lasting relationship with them. That's why the first step in the homebuying process should be to get pre-approved or pre-qualified from a mortgage lender. Buying a new home can seem daunting, but the whole process will be much more manageable if you know what to look for and what questions to ask. When it comes to buying a home, especially the house you've been thinking about all your life, age does make a difference.
But even though two out of three Americans live in a home they own, buying the first one still feels like venturing into uncharted territory. If you plan to purchase a home or attached property that belongs to a condominium or homeowners association (HOA), you should take some time to learn about that governing body. If you want to buy a home without a five-year plan, buy one with a price much lower than the maximum you can afford. Buying a home that is too small for your family will leave you continually trying to configure the space to work for you.
One of the biggest mistakes a first-time homebuyer can make is setting their heart on a certain home only to discover that they can't afford it. . .