When buying your first home, it's important not to let emotional factors supersede practical considerations. After all, this is most likely the most expensive purchase you will make in your lifetime.
Here are five practical questions that you may ask yourself as a first-time homebuyer.
Can You Afford This House?
Not because you've been told you qualify for that 2,500-square-foot home on a one-acre lot doesn't mean you should buy it. Doing so may cause financial difficulties in the long run. If all of your money goes to maintain your home, it may quickly become a source of resentment. What's more important than what you qualify for is what you actually can afford.
Does It Fit Your Lifestyle?
Consider more than the floor plan and amenities. Make sure the home fits your lifestyle and the things that matter to you and your family if you have one—whether it's a short commute to work or being near extended family.
What Will Your Future Self Want?
Think of yourself for five or ten years. Consider your plans, for having children, for example. If you don't consider that possibility now, you could end up purchasing a starter home that won't meet the needs of a growing family or that is unsuitable for small kids.
Has the Property Been Maintained?
First-time buyers are better off purchasing a home that has been properly maintained and doesn't require a lot of repairs or upkeep. Just routine maintenance for a home is costly, not to mention repairs and remodeling. If major repairs or replacements are needed, it might be best to move onto better-maintained properties and do not skip a home inspection.
Do You Have an Exit Strategy?
That means you will want to have an exit strategy for the property you are purchasing, whether that means choosing a home that will be easy to rent in the future or one in a good neighborhood or school district that can easily be sold.
Homeownership can be empowering, but it's also a daunting process, especially for first-time buyers. Mistakes are all around on the path to homeownership, but many can be avoided.
Contact me today if you need assistance with your home-buying process.