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First-Time Buyers, These 4 Factors Need To Be Top Priority In Your Home Search

For many first-time home buyers, searching for a home can feel overwhelming. After all, it’s big decision, one that will impact your life for years to come. There are a lot of different factors to consider when looking at listings and it’s only natural to want to make sure that you’ve made the right choice.

If you’re wondering which factors should be made a priority in your home search, read on below. We’ve laid out a list for your consideration. Keep these factors in the forefront of your mind as you look at properties and, before you know it, you’ll land on a property that suits your needs.

Consider location first

The phrase “location, location, location” exists for a reason. It’s the one thing about a home that you can’t change, no matter how much money or sweat equity you’re willing to put in. Therefore, it’s crucial to make sure you’re happy with it from the start.

To do this, you’ll first want to do some practical research into potential areas where you think you may want to buy. Look into things like crime rates and the quality of the school district. Then, once you’ve zeroed in on a few possible neighborhoods, take  yourself on a tour of the area. During your visit, evaluate whether or not you feel as though you could feel at home there.

Finally, once you start looking at listings, it’s also important to consider the location of the property itself. Think about things like what your commute time would be, if there’s an excessive amount of street noise, or if you’re too close to the neighbors.

Think about your “must-have” list

Every buyer has a list of “must-have” factors that they need to find in their new home. These are the things that you can’t compromise on, the things that you won’t move into a home without. Exactly what those factors are will be different for everyone. However, they need to weigh strongly on your home search. Otherwise, you may find yourself wishing you could move again sooner rather than later.

As far as what to put on that list, it’s best to stick to features of the home that can’t be as easily changed later on. Think about including things like a minimum number of bedrooms and bathrooms or whether or not the home has any outdoor space.

Keep in mind, your “must-have” list is much different than your wish list. Wish list items are things that it would be nice for your new home to have, but aren’t deal breakers. Make sure to stay flexible when it comes to these items.

Weigh the amount of work required

No matter which property you ultimately end up choosing to make your home, there’s going to be some work that needs to be done in order to truly make it feel like your own. It’s up to you to decide how much work you’re willing to take on. For that, you need to take the following into consideration:

First, consider how much work needs to be done on the property. Are they projects that need to be done right away in order for you to live there or can they be done slowly, over time? Are they functional or cosmetic?

Next, look at how much money you have to spend. The reality is, while fixer-uppers usually feature a lower price tag than turnkey properties from the start, repairs can get expensive fast. This is especially true if you’re not very handy and will need to hire someone else to do the bulk of the work. You’ll need to evaluate each home on a case-by-case basis to determine whether or not you can handle the workload involved, especially if the bulk of the work needs to be done immediately

Don’t forget rental/resale value

On average, first-time home buyers will live in a home for five years before thinking about moving on to something bigger and better. With that figure in mind, if you’re looking for a starter home, you’ll want to factor the resale or rental potential into your decision-making process.

As for what determines resale value, location is key. Look for a home that’s either close to popular amenities like public transportation or shops and restaurants, as these areas tend to attract the greatest interest. Additionally, you’ll want to consider how much of an ability you’ll have to make cosmetic updates to eye-catching areas like kitchens and bathrooms.

This article was originally posted here: https://www.forbes.com/sites/taramastroeni/2018/06/23/priority-home-search/#2ff4913292c8
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