5 Things to Consider When Searching for Your First Home
Searching for your first home can be an exciting experience, but it can also be a frustrating one. Not to mention, looking for your first home can be a little confusing too. When it comes down to it, there are a lot of things to consider. If you fall in love with a home, how do you know if it is the right home? The last thing you want is to purchase a home on impulse. There is nothing worse than the feeling like you have bought the wrong home, or that you made a big mistake. This is why knowing what to look for and what to consider is so important. Here are five things to consider when searching for your first home.
- Can you afford it? The general rule of thumb is that your monthly income should be about three to four times as much as the mortgage. If your income is lower than three to four times the amount of the mortgage on a certain home, you should probably think about purchasing a less expensive home. When it comes down to it, there are also other costs that you have to factor in as well, like property taxes and utilities, so you want to be economical before you put money down on your first home.
- What do I want in a home? If you are a single person, all you probably need is a one bedroom home. In that case, a condo will probably suffice. However, if you work from home, you should probably add on that you need an extra bedroom. Also, what if you like to swim in the morning? Perhaps an outdoor pool is wanted. When you are looking for your first home, you want to factor in all the things you want to have included with the home.
- What kind of location do I want? Do you want a beach front cottage, or do you want a home closer to the city? When it comes down to it, you want to be happy wherever you settle down. For instance, Fripp Island Real Estate has some amazing listings on the beautiful Fripp Island in South Carolina. Knowing where you want to plant your roots is a critical process when you are looking for your first home, because you don’t want to plant them somewhere that you will be sick of in only a couple of years.
- Is the neighborhood safe? Knowing whether the neighborhood is safe is crucial, especially if you have kids. To find out whether a particular neighborhood is safe, you can usually look up the crime statistics online. If the neighborhood has a high crime rate, you probably want to look elsewhere.
- Is the home in good shape? If you fall in love with a home, it can be easy to simple say “I’ll take it,” but this is a big mistake that a lot of homeowners make. The home you fall in love with may look great on the outside, but it may have a few problems on the inside. So, you want to have the home inspected before you make an offer.