The idea of your dream home has you visualizing every nook and cranny, and the exact detail of every piece of decor and furniture as you place it in its perfect position. Buying your first home is a super exciting step, and it may very well be the biggest investment you’ll ever make.
But before you take the leap, there are quite a few things to consider that may come back a little later to bite you. Let’s explore some of the questions you’d need to ask to help you to make this decision.
What does my credit look like?
Unless you’re buying your home cash, you need a good credit score. And, those with higher credit usually have the privilege of lower down payments and lower interest rates.
Can I afford it?
You’ve been approved for a huge mortgage, but how much can you actually afford to spend? You still need to eat, right?! Before you begin hunting for your dream home, take a long, hard look at your income and expenditure.
Have I considered closing costs?
There’s more to it than just the cost of the house. Every sale comes with closing and moving costs, and it helps to get some input on what this figure might look like. It’s normally relative to the purchase price, so keep this in mind.
How long do I see myself living there?
Houses increase in value over time, and you’d want to consider living in them for at least five years to get a return on your investment. Also, ask yourself whether the property will meet your future needs especially in terms of space.
Is it in a good location?
Houses in good locations tend to be higher priced. But they also will have better resale values. Quieter areas with well-maintained infrastructure in close proximity to schools and other amenities are perfect to start looking at.
What is the condition of the property?
You may be lucky enough to find the perfect property within your budget that doesn’t need any fixing up. However, the general rule of them is NEVER to skip a home inspection. Remember that cosmetics are easy to cover up.
What are similar properties selling for?
You want to be sure that you’re getting a good deal so be prudent. Scout out prices for similar properties and don’t be afraid to bargain.
What’s included in the purchase?
Certain appliances may be included as fixtures, but don’t be afraid to ask!
How much are the property taxes?
If you’re working on a monthly budget, you need to look at your property taxes. These are dependant on location and property value, and your realtor can give you a good idea. We guarantee that you don’t want to be blindsided by this.
What are the neighbors like?
Are they mostly families with children? A rowdy bunch? Ask around and make sure that the neighborhood aligns with your need or you may be stuck in something you didn’t bargain for.
For more details and help in the first buyer experience contact us today and let us lend our expertise to you.