Are you ready to buy a home for the first time? It is an exciting experience to purchase a starter home, and many people are anxious to get into the home of their dreams. In this article we will discuss What to Look for in a Starter Home. If you are in the market to buy your first home, then there are a few things that you should be looking for in your starter home:
Location is Important
Choosing the location of your new home is one of the most important things that needs to be considered. Is your new home near the right schools for your kids? Think about your commute as well as the convenience to the stores where you like to shop. Another reason to think about location is because it will impact resale value when you are ready to move again in the future.
Even though you are anxious to move into the perfect home that you have always wanted, there are some big benefits to choosing a smaller home in the beginning. A starter home will allow you to build up equity in the property, so that you can position yourself to move into a bigger home later on.
Talk with a lender to get an idea about how much you can afford. Once you know the preapproval amount for financing, you will be able to focus on properties that fall within your price range. By choosing a home that you can easily afford, you will be able to avoid the stress associated with leveraging too much money into a property.
When it comes to home upgrades, don’t bite off more than you can afford. Some home buyers have good intentions to put money into home improvements in order to increase the amount of equity in the property. But, then they move in and find that they don’t have enough money available to pay for these costs. If you have experience with home improvement projects, then you might consider a fixer-upper. Otherwise, it might be better for you to choose a property that is move-in ready.
Minimal Maintenance Costs
Most new home buyers don’t know how much they will be spending in ongoing maintenance costs, and these expenses can really add up over time. Whether you need to pay for help with landscaping, repairing the roof, or installing a new dishwasher, it is important that you are careful to avoid a home that is going to require a lot of maintenance.
Homes with larger yards will typically require more maintenance. If you want to minimize the amount of work and money, then you might consider choosing a property with a homeowner’s association that handles the landscaping.
When you are ready to buy your first home, then it is essential that you are working with an experienced real estate team. For more information, call Duffy Realty of Atlanta. We are here to help! (678) 318-1700. We hope that you enjoyed our discussion on What to Look for in a Starter Home.