Buying a house for the first time can be both an exciting and a scary venture. It’s difficult to know what to even look for in a house. There are extra factors to consider as well, such as your current living situation. Sometimes first time home buyers are living in a difficult situation and the pressure to move into a better space is real. It is critical that you do not settle in your home buying purchase.
So how do you avoid settling and spending your hard earned money on a house that you don’t love. Make a list of the absolutes that are really important to you and refer to them when you are looking for your home that meets all your criteria. List everything you cannot live without so that you can be satisfied with your new home. Here are some ideas on what should be on your list.
Price of the House
In thinking about your price point for buying your home you just consider more than just the amount you can borrow. Make sure you do your homework and know how much your mortgage is going to be including property tax. So many first time buyers think because the bank will let them borrow a certain amount that they can afford the house. This is not the case. You need to know ahead of time how much the mortgage will be and then look at your budget after all your fixed and variable costs and make sure that you are not buying a home that is going to make you house poor.
Location, Location, Location
You might think you know exactly where you want to live but be open minded. Spend some time driving through different neighborhoods and talking to the people that live there. Do you fit into the neighborhood? Is it close to the freeway, grocery store, schools, the gym, etc? What are the schools like? When we moved into our neighborhood, we loved the convenient location because it was close to everything. However, what we didn’t think about were the schools. We since realized that we like the elementary school in our neighborhood but would rather send our kids to middle school somewhere else. Also there are not many families in our neighborhood and our kids are the only young children on the block so they don’t have any friends close by to play with. These are all things to consider about the location.
How many Bedrooms
When we bought our first house we didn’t have any children and my wife was pregnant so we thought three bedrooms would be plenty. We thought we would move into our second house before we out grew the first one but the market changed and we were forced to stay in a house that is too small. So when you list how many bedrooms, you need to think about the future and how many kids you have or plan to have. Think about guest rooms. Do your in-laws visit frequently? Do you want to have a room for them or would you rather them stay somewhere else? Think about an office space. So make sure to think about all these things before you consider how many rooms you really need.
These items make up a small sample of the factors you should consider when it comes to buying a new home for yourself and family. We at Living Green have a few more items for you to consider but we will get to those in our next article. Stay tuned.