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Are you considering buying your first home? If you are, then congratulations! However, you can easily become overwhelmed with house shopping decisions and make a mistake on which home to purchase. This can lead to buyer’s remorse and hurt your financial future.
That’s why we’ve created these tips to help you avoid making those starter home mistakes!
Let’s take a look.
What Is A Starter Home?
A starter home is a term used for first-time homebuyers. It’s typically a home that is smaller such as a single-family home or condominium. Its most likely not going to be the home that you live in forever, but rather just one to live in till you can afford and find your dream home.
This gives you a chance to either be closer to your work or save as much money as you can till you can find and afford that dream home of yours. There are so many benefits of owning a home, so it’s time to start looking at one for yourself!
Let’s look at the best 5 tips for buying a home.
1. How Much Can You Afford?
what you need to do to buy a house first is think about how much can you actually afford. Typically you can go to a bank and get preapproved for a mortgage.
This gives you an idea of the maximum that you can borrow and spend on a house. However, the last thing you want to do is start shopping for houses in that maximum amount range.
This can lead to many different financial struggles and keep you from being able to eventually buy your dream home.
Instead, look for a home that is much less than your maximum mortgage amount and set yourself up to save more and avoid unexpected financial struggles later on.
2. Location vs. Amenities
It’s always nice to have a home that is full of all the best amenities. However, for a first time home buyer, you need to remember other priorities. Think about how far you are from your job, stores, and family.
Don’t let the shiny toys inside distract you from the most important things.
3. The Property
The next thing to consider is how well the property has been maintained. See what home improvements have been made and which ones need to be made.
You don’t want to purchase a fixer-upper that you invest too much money into. These can start to add up and cost you a lot.
4. 10 Years From Now
Think about the future when looking at your starter home. What do you want 10 years from now, will you be able to accomplish that in this house?
Are you married? Are you planning on getting married? Is the house big enough for kids? These are crucial to think about before buying your first home.
5. Starter Home vs. Dream Home
As we discussed, a starter home is your home to live in while you save and work towards your ultimate dream home. So you want to have a plan for when you’re ready to leave.
What will the house look like when you’re ready to sell, what upgrade will you need to make? Neighborhoods and school districts play a huge role in this too.
Starting A New Chapter
When you are buying a house you will be turning it into a home! These are the best tips to remember when looking at purchasing your starter house. Now it’s time for you to start looking at a new home and get the right one for you!
Want even more great real estate tips? We’ve got you covered. Scroll through more of our blog posts now!