Essential Tips for first-time homebuyers.
Whether you’re starting a family, looking for a bachelor pad to launch the next chapter, or helping your parents find a peaceful spot for retirement, buying a home is an important decision. Let these tips inform your decisions so you can find a home that fits you.
Focus before you fall in love:
Establish your goals before you begin your search. It’s fun to start exploring and scrolling through homes, but pause to get focused and you’ll give yourself a much better chance at finding the right fit for you. Begin by sitting down and making a list of your non-negotiables, cost plans, and specifics like location, square footage, and outside space. Take some time to consider which of these are deal breakers, and which you could live without. Knowing your nice-to-haves and must-haves can help simplify decisions down the road.
When it comes to your home, you want to have a clear goal in mind. Create space for everyone involved in the initial planning process to share thoughts. If you have a partner or kids, consider allowing everyone to make their lists and compare notes in a family meeting. This gives everyone a chance to contribute to the game plan.
Here are some angles to consider in your initial planning:
- Looking for a place where you might want to raise kids? Think about yard space, safety, and how many bedrooms you’ll want years down the road.
- Rate your interest in various types of real estate: a townhouse with minimal upkeep, a bigger place in the country, or a spot that’s conveniently located close to transit.
- How might your plans change in five years? In 10 years? If you decide to move, is this a property well-suited for tenants?
- Are you buying a place where you’ll be living in your senior years? Consider comfort, access, and mobility.
- Explore the neighborhood before you commit to an area. Go on a bike ride or a walk to get a sense of who your neighbors will be, how noisy it is, and what businesses or restaurants are nearby.
- Take time to chat with friends who have real-life experience as first-time homebuyers. Ask them what they wish they knew and what they learned from their own experience.