Are you ready to buy your first residential starter home? If this is the case you will be excited to pick out a new home to move into. However, there are a few pitfalls that can happen if you are not careful when choosing a starter. Here is a guide that will help you to make the right decisions before you close the deal on your new home.
Be Realistic About Your Expenses
There is usually a range of homes that you will qualify for; the range is usually based on the square footage of the home and the size of the lot. It is often best not to go for the home that is at the top of the budget for your pre-approval mortgage. Take a careful look at your current financial situation. Do not buy any home that will make it difficult for you to pay the mortgage and also pay for your monthly necessities even if you qualify for it.
Make Sure You're Comfortable
You may have a picture in your mind about what your dream starter home looks like. However, think about more than just the amenities and features that you want in a home. You need to think about things like the community in which the home is located and its distance from hospitals, schools, stores, family and friends, and even their job. Don't be enticed into buying a property that won't make your life comfortable. Think about the bigger picture before purchasing a home.
Consider Your Future
A home that may seem perfect now will become extremely uncomfortable in the future. You need to think about your goals for your life, five or ten years from now. While nothing can be set in stone and the future is unpredictable, think about what you want for your future before purchasing. Will the size of the home be right for you in a few years? Will the location and the community suit your needs as you get older?
Remember that starter homes are not meant to be your permanent home. With this in mind, you want to make sure that when you are ready to sell a starter home you can do so at a profit. Buying your first home is exciting. However, do not let your excitement prevent you from doing due diligence. Seriously consider your finances, comfort, and future before closing the deal on any starter home. Contact a real estate agent to learn more about residential starter homes.