What to Consider When Buying your First Home

Purchasing a home is one of the biggest financial decisions that you will make in your lifetime. Price is just one of the many things that needs to be taken into consideration. Assessing these practical considerations will help you make the right choice when you are ready to buy a home.

Price

Make sure to educate yourself on all the costs that are associated with buying and maintaining a home. The mortgage may be the largest part of the price of a home, but it is not the total cost. Making knowledgeable decisions about what is truly in your budget will help make your financial planning easier in the long run.

Schools

Everyone wants their children to grow up in a well-rounded environment and receive an enriched education. One of the most important things to research when buying a home is the school district that your house falls under. How are the standardized test scores throughout the district? What is the size for each class? Are there before/ after school activities that your child can partake in? What do current parents say about the schools? This can be a major factor in the home buying process because you want to make sure that the schools in your new area fit the mold of your children.

Commute

No one wants to be sitting in an unnecessary amount of traffic, so make sure you factor in your commute when you are thinking about buying a home. Whether it’s your everyday commute to work or driving your kids to school each morning, you don’t want to be spending the majority of your day in a car. It is important that you research homes that are within the general area of where you are commuting to and from.

Future Value

It’s strange to think about the future value of a house before you even purchase it, but the future value of a home is just as important to consider as the current value. There are many ways to add future value. Putting an addition onto your house to expand living space is one way to increase the value. Also, be consistent when it comes to updating your house. Whether it be renovating your kitchen or bathroom, replacing siding, or adding some outdoor living space, these renovations are necessary and will add future value.

Neighborhood

Neighborhoods are an essential part of making your house a home. Look at the current makeup of the neighborhood. Is it family friendly? How safe is the neighborhood? What kind of outdoor amenities does the neighborhood have to offer? How well are the houses in the neighborhood maintained? You want to make sure that you are buying a house in a neighborhood that is clean, safe, and welcoming. Your children will develop new friendships and have a safe place to play outside while you can enjoy the walking or jogging trails with your new neighborhood pals. Following these few simple guidelines will help ensure your first house is a home you and your family can be happy in for years to come.