When you’re ready to buy your first home, it’s easy to get caught up in worrying about qualifying for a mortgage, or finding a home within your budget. And it definitely helps to talk with an Assurance Financial Group to be sure your new mortgage will be within budget.
While these aspects are important, there are 3 other, often overlooked, factors you need to consider when viewing potential homes to avoid a costly mistake. Make sure you add these items to your walkthrough checklist.
The Neighboring Houses
Some new buyers may see blocks of clean, well-maintained houses and assume any home within that neighborhood will suffice. This can be a huge mistake. If you really like a house, take the time to make sure the surrounding houses are owner-occupied, or rented by long-term tenants. The last thing you need is to live next to rental houses with a never-ending parade of new neighbors, some of whom may be loud, untidy, or otherwise offensive.
If a neighboring home is vacant and owned by a financial group or bank, it could be a foreclosure. Depending on your locality, a foreclosure could sit empty for years. If you live in a hot market, however, you’ll likely have new neighbors quickly.
The Upkeep Routine and Cost
Before choosing a house, consider just how much work it will take to maintain. Crown moldings and hardwood floors can be gorgeous, but you’d better be prepared to dust compulsively. Flowerbeds can add charm and color to a yard, but every single one will need to be weeded and mulched. Floor-to-ceiling windows let in tons of beautiful, natural light, but you’ll likely be the one on a ladder with the cleaning supplies to keep them sparkling.
Think carefully about indoor and outdoor maintenance before you buy. You may decide you want an “easy keeper” instead of a showplace, or you may decide to work the cost of a maid or landscaper into your budget. Whatever your decision, it needs to be considered before you buy.
Your Future Family
That cute two-bedroom bungalow may be just what you need, but it will quickly be full to the rafters if you have a couple kids, or an aging parent needs to move in with you. If you already have a large family but several of the kids will be off to college in a few years, a big home can become an echoing cave once they’ve left. Unless you go into the purchase intending to sell in a few years, look for a house with a flexible floorplan and space for growth.
Buying your first house is an exciting time, but there’s a lot of factors to consider. That’s why it helps to have an experienced agent by your side. You can find a real estate agent to help your home search on our site or reach out and we’ll match you with a top agent in your neighborhood.
Email us at clientservices@firstteam.com
Call us at 888-870-1142
This guest post is written by Brooke Chaplan, a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking and gardening. Brooke is available via Twitter @BrookeChaplan.
