Buying your first home is quite a leap forward in life; it’s likely going to be the largest purchase you’ve made so far in life, and owning an entire home is a ridiculously overwhelming thing. Provided that you have saved up some money, you’re going to have to be careful when purchasing an entire home – even the tiniest mistake like pre-existing water damage can ruin your investment, and home ownership is just as much about owning a home, as it is about maintaining (and even boosting) its price.
In This Post:
Of course, you’re going to have to plan when purchasing a home. However, do you have any idea what this really means? We’re talking years here; unless you don’t mind having to get a mortgage for 80% of the home’s value. Once you’ve decided that you’re going to invest in a private property, you should start saving for the down payment immediately! This includes everything from setting aside a large portion of your budget and designating it for “new home ownership”, to skimming as little as $50 per month for your new home fund. The sooner you start and the more you save up, the better off you are.
Home: apartment or a house?
Somehow, people tend to think of a house, whenever buying a home is mentioned. Apartments, however, are just as much homes as full-blown suburban properties. As a rule of thumb, apartments excel in terms of price and location; they are usually closer to the downtown area and make for a better (and less annoying) commute. On the other hand, the very fact that apartments are located in more urban areas means proximity to clubs, venues, traffic and other noise pollutants, which can not only be annoying, but may also cause physical and psychological consequences.
Houses, on the other hand, tend to be located farther away from all the noise and congestion and, as such, make a better place for a calmer lifestyle. The benefit of having an option of a backyard comes with endless possibilities, and houses, in general, tend to have a better value on the market. However, houses are more prone to burglaries and other safety issues.
Survey the area
Speaking of safety, surveying the area is extremely important before buying, especially if you’re unfamiliar with the surroundings. For example, a neighborhood might appear safe during the daytime, but once the sun sets, all kinds of shady characters tend to pop up. Surveying the area means driving during the night in order to see what you can expect down the line. Keep a lookout for suspicious activities, gangs and police vehicles.
Additionally, you should find out where the nearest emergency service buildings are, as well as the proximity and quality of local schools. These factors play a key role in finding a perfect place.
Be thorough when browsing
The more homes you go through in search for the perfect one, the better your chances of finding a fantastic deal are. Of course, the main problem here is that people rarely have enough time to check out hundreds of homes. This would take hundreds of hours that the majority of gainfully employed people cannot spare. Browsing online for virtual tours is a fantastic idea! The amazing option of display homes will help you find what you’re looking for (relatively) quickly, without having to waste a ton of time.
When it comes to insurance, shopping around is always a good idea. In fact, the more options you go through, the better the chances of finding an ideal deal are. Being on a lookout for discounts is always recommended, but you should never go for the cheapest choice – you’re insuring your largest asset here!
Regardless of whether you’re moving on from renting an apartment, or buying a home after living on a college campus, the first home purchase is perhaps the most important buyer’s experience that you’ll ever go through. Make sure that you plan everything properly, that you survey the neighborhoods and that you browse through as many options as possible.