Posts Tagged ‘buying yoru first home’
Chosing the Right House – First Time!
There are many vital things in life which you must consider, finding a home is just one of them. So hypothetically speaking, you just got hitched and you are looking for a new home to move in with your spouse! Consider these aspects when buying a first home:
1. Location
2. Neighborhood
3. Accessibility
4. Size
5. Design
6. Facilities
7. Garage
8. Mortgage
9. Appreciation
10. Budget.
Location is important, you don’t want to be in the middle of nowhere and 80 miles away from the city and you’re completely out of your zone. As for neighborhood, think about what kind of community are you living with? How safe is it considered? Aesthetics of the community should also be looked into because you’re going to walk out of your home and you’re going to be looking at the same road, same houses each year. How far away do you want to be from the city? Do you want to be five minutes away, consequently, this could increase the house value.
Size is the most important, think ahead. If you just got married think about when you lovebirds are planning to have children. Its no use buying a two bedroom, two bathroom house and a small living room for a costly price at a beautiful neighborhood when suddenly you guys pop out triplets. Layout and design is just as important. You want to have a spacious home not a small one where you’re potentially going to suffer from claustrophobia!
Also, for some of you superstitious folks who believe in Feng Shui, layout is incredibly important. Make sure you bring your compasses or even bring your Feng Shui master to help you out and figure whether the balance in your potential new home is good for you. Note: If you are interested in Feng Shui, a Feng Shui master could be very expensive so I suggest buying a few books at the nearest book store.
The facilities that are available to your home could also be a plus side in living there! In many townhouses they do include pools, gyms, gardens, club houses and other facilities that you can use. Townhouses also give more security than an average home as it is a gated community, however the price could be an issue. For many people, garage space becomes a definite issue in many peoples lives. So you’re having a party where do they park? So the wife has a car, you have a car, your 16 year old son has a car, and what about the family car? If you don’t have a 16 year old or need a family car yet at least think about it.
Another factor that you must consider is mortgage. Home ownership acts as a tax shelter as long as your mortgage balance is smaller than the price of your home. Its even deductible on your tax return! Just like a car, you have to think about depreciation and appreciation. Real estate is always on a fluctuating pattern and especially during recessions it just goes in little loops. You want to buy a home that will always be on the up value or at least stay around the same appreciation rate which could possibly rise up later on. Also, think about your budget, can you afford this home? Do you have enough money to sustain yourself, bills, maintenance and still save for an emergency as well as for tomorrow? Another piece of good advice, don’t stick to one real estate agent. Each real estate agent always has different availabilities and sometimes favors other clients over you. Always use at least two real estate agents and ask them for their price listings on the homes you’ve looked at just to see if there is any drastic change. Lastly, have fun and good luck!