For First-Time Homebuyers, What Home is the Right Fit

By June 23, 2017 March 15th, 2018 No Comments
For first-time homebuyers, there are a lot of things to consider. While the venture is super exciting, the last thing that you want is to be in a mortgage and not enjoy the house you will be living in.
Because there are a lot of houses for sale with low-price tags, oftentimes, you find yourself drawn to it, but be aware of some major drawbacks like continued maintenance for older house. Here are a couple of questions to ask yourself when you are considering your first home.
How often will I be at home?
This could mean the difference between a big house, or a condo unit as your first purchase. The prospect of a big house where all your Pinterest board ideas would fit is…exciting, but if it will just collect dust because you are never home, or no one will be home, is a good question to ponder.
Bigger means maintaining constantly. A big yard requires constant care either by you, or a contract landscaper to keep it looking nice. Will you be mowing the lawn? If not, consider a smaller property.
Who will live in the house and will that change soon?
Many first-time homebuyers have been teaming up with friends and family to afford a home. If you are combining families, you need to look at a bigger home to accommodate current and future needs. Newlyweds should consider getting extra bedrooms for their growing family.
If want to rent out part of your property, either long term or AirBnb, consider extra rooms. Guests should also factor in if you have a lot of them that come in throughout the year.
Talk these things through so that you won’t be in the market again for a house too soon. Moving in a nice new home is great, but remember, packing sucks.
What about a foreclosure?
Consider this with caution. If you have a good realtor, they will tell you straight up what the timelines are and how long you can expect before the deal closest. 
Remember that working with a bank is easier than with the homeowner (unless you know them?). 
What about a fixer-upper?
Fixer-uppers have been glamorized by the two brothers in the famous show. If you have the time and money, do it. If not, seriously consider that a newer home will come will less problems than dealing with one that has a lot of character.
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