What to Look for in a Starter Home?
Many potential buyers have long been dreaming of the granite counter tops, spacious lounge and luxury bathroom furnishings that will adorn their first time home. But the reality of what they can afford tends to be a lot different and so does what they what they want in their home today as opposed to what they will need a few years down the road. Resultantly, many first-time home buyers make the wrong choice. Mostly, they opt for layout over affordability or make a buying decision based on gut feelings than budget.
However, if first-time home buyers approach professionals to understand the buying process from a practical rather than emotional standpoint. I do not say that an updated modern kitchen is not important but so is the value and appreciation of home and the commute to work. From figuring out how much you can afford to imagine your future, here are the few considerations when shopping for first home.
Decision based on affordability
Just because you can afford a 1 kanal home does not mean you should buy it. When shopping for a starter home, some first time home buyers will think of getting loan and then shop based on the maximum they can borrow. No matter, what you can afford but do not go for the home at the top of your budget. It is because doing that can create a bad financial situation, especially, if you fail to pay the loan back.
If all of your money goes in home maintenance, you may regret it later. Therefore, experts say to stay in the home you purchase for five to seven years to recoup the costs you have just invested in the property. Instead of investing all in your starter home, don't break yor budget and leave some room for entertainment.
Consider your commute
It’s easy to be lured into purchasing an expensive and luxury property because it is ready to move in, has a spacious lounge and meets all the buying requirements on your checklist. However, first time home buyers have to consider more than the floor plan. For instance, they should make sure the home fits into their lifestyle and other things that matter - whether it's a short commute to work or being near to commercial market.
Not only could it increase expenses if you spend more money and time commuting, it can cost you emotionally too. First time home buyers spend a lot of time thinking about what they want in their new home but give less thought to how it fits in with your lifestyle.
Think about your future
Most of the people purchase their first home for the sake of having their own home and do not give much thought to how the life will be after five to ten years. Glimpsing not into the future can result in a costly mistake. Take children for starters. A couple may not be thinking to become parents in the next couple of years but it may happen soon and this home will become your family home. If you don’t think about your future needs, you could end up purchasing a starter home that won't meet the needs of a growing family.