What First-Time Home Buyers Need to Know. Are you in the market to buy your first ever home? First of all, we would like to congratulate you on becoming a homeowner and this is an exciting experience. However, before your sign on the dotted line and make the purchase, there are a lot of things that you should consider before buying a home. You would be surprised that the cost of the real estate can change from a mere mile, from the housing society, the school performance, the services available in your area or the anticipated tax burden, etc.
Usually, the homeowners get cold feet and we get it this is normal as they would be spending a good amount of money and they want it to be done right. According to the author of The Automatic Millionaire David Bach, that all those people who are saying that homeownership does not work that well, they are all wrong.
Homeowners in the country are worth 38 times more than the renter. If you want to guarantee financial security for yourself owning a home is the best available solution unless you want to pay the rent throughout your life. Let’s have a look at the basic information that every first-time home buyer should know before buying a house.
What first-time homebuyers need to know
Location is the key
Your location in the city matters a lot whether you are buying a house in the city or the suburb or on the farms. The choice of your location will determine the price, services, and other aspects of your life.
• The case of urban living
A first-time homebuyer may prefer the convenience of walking to restaurants and shops in the city rather than driving from suburb to suburb or visiting the mall or shopping centers. There are more jobs and a wide variety of experiences available just a walk down the lane.
Urban areas have more opportunities for employment in both the office sector and industries sector. Moreover, the cities have a better quality of living, however, the cost of living is usually high in the city and but the trade-off for a better quality of life is worth the money. Education centers are more prevalent in the urban areas and people are also interested in furthering their education than the ones living in the rural areas where the educational opportunities are not that high.
• The Case of Suburbs
Living in the city could be expensive for first-time homebuyers and also somewhat discomforting and unpleasant. People usually go for the suburbs area who wants peace from the noise of the city. They would even be happy to take a less thrilling job or won’t mind driving to the city and back daily.
According to the recent Pew survey, the people living in the suburbs are happier than the people living in the cities.
The basic research that you need to do before you get a house into a certain neighbourhood is:
- Are you in search of the same age group?
- Are you looking for a place that has kids and families?
- In search of the nearest schools for your kids
- You must check about the crime rate of that area
However, some red flags should keep in your consideration while buying such homes.
The buildings are left by people can become the breeding grounds of crimes, mice, rats, and other kinds of pests. You must avoid such housing areas and should move to the next better option.
Lots of Renovations Required:
If you are going into the area where the homes require a lot of renovation work, this means it would cost you in the future or even right after you have bought the house. You must try to avoid such kinds of homes. However, if you have less money for the investment, then such homes could be a good chance to have your own home and you can spend the few years in a bit discomfort and can renovate it later.