When you get ready to buy your first home, there is a clear picture in your mind of everything you want. The ideas for your dream home may be slightly larger than your ability to execute. The reality is your first home may not have every feature you want. The key to a successful purchase is to find a happy medium between your budget and your desires. We have compiled a guide to help you get the most out of your home search. Using these tips you will find a home that is the perfect fit for you
A starter home is a home that will live up to its name. It can be tempting to go from zero to a hundred with your first home. However, you may do more harm than good refusing to consider options that do not have everything you want. Make peace with the fact that your first home may not be your dream home, but it also probably won’t be the last home you will ever own. Most likely, you will eventually upgrade your home, and the process of growing in your career and homeowner status should be exciting. Also, keep in mind that a good starter home has the potential to boost your credit and provide funding for an even better property.
Old And New Construction
Most people have a preference for a newer home over an older one. While some areas have an older constructed home that was built as far back as the 1920’s, these homes carry a lot of charm and character. Also, new homes come at a near 20 percent cost, so with an older home, you may get more home for your money.
Many people give the idea of making a condominium their first home the side-eye. However, try to keep an open mind. Depending on the market you live in, a condo may be a pragmatic choice. There are many areas where the average condo would put its single-family counterparts to shame. There are also many advantages to condo living such as extra amenities. Along the same line, you might consider townhomes too.
The biggest benefit to a fixer-upper is that you will most likely have an immediate increase in value after you update it. With a bit of sweat equity, these homes can be a great investment. You also get more home for your money.
Once you pinpoint what you can afford you have to figure out location. The hip part of town may sound great, but you will get far less for your money. Transitional neighborhoods are good options because the price points are decent and equity is likely to rise quickly. So if you can stand to not be on the beach, in a luxury community, or in the middle of downtown make the sacrifice.
Wants vs. Needs
You should make clear distinctions between what you want and need. You may need enough bedrooms to accommodate your family, but you want a pool, outdoor kitchen, and custom tile. A playroom for your children is not a need, but a functional kitchen is. Functional, not gourmet. See where this is going?
Once you take emotion out of the equation and look for a comfortable home, that won’t break the bank and is a wise investment you will find your dream home for now. Then you can focus on your dream home for the future.