5 Things to Consider When Buying Your First Home

Female real estate agent giving house key to couple indoors

Around 40% of people who move within the US do so because of housing reasons. Not because they want to be closer to family and friends or because of new opportunities. They move because they, for whatever reason, don’t like their home and want a different one.

Buying and moving to a new home is a massive decision, and if you’re buying your first house it can feel even more overwhelming. So, you want to make sure you’ve considered everything so you can feel confident in your decision and don’t regret it later.

But what should you take into consideration when buying your first home? Read on to discover all the top factors!

1. How Much Can You Afford To Spend?

This is, by far, the most important consideration when you buy a home. Because if you don’t crunch those numbers, you could end up in deep debt, and that’s not easy to come back from.

First, make sure you have a healthy income and a safety net/nest egg account for emergencies. And before you purchase a home, you need to save for a house deposit, closing fees, broker fees, inspection fees, and all the other upfront costs.

Then, you need to save for ongoing costs like your mortgage and maintenance costs. Consult a mortgage advisor to ensure you can afford the repayments.

2. Where Do You Want To Live?

The best location for your new home depends on several factors. Ask these questions to figure out what’s important:

  • What neighborhoods have the ideal amenities?
  • How long do you want your commute to be?
  • Which neighborhoods are safe?
  • How close do you want to live to your loved ones?

You will soon narrow down your choices once you realize not all neighborhoods match your lifestyle.

3. What Type of Community Do You Want?

If you’re buying your first house, you won’t have any experience of different housing communities. But there are plenty to choose from!

Do you want the tight-knit community of somewhere like Fox Run Village? Or do you want to live in a condominium, co-operative, apartment, or detached house? Consider the pros and cons of all options.

4. What Features Are Important to You?

It’s so important to choose a home with the right structure, size, and features that suit your lifestyle. Features can include outside space, number of bedrooms, accessibility, and design. Make a list of your “must-haves” and “nice-to-haves” in a home so you focus on what’s most important.

5. Do You Want a Turn-key or Fixer-upper?

For some people, buying an empty shell that needs a lot of work would be a dream come true. They like fixer-uppers because they get to put their own stamp on a house.

For most, it would be a nightmare. They would prefer a turn-key property they can move into straight away. Hire a home inspector so you know the full extent of repairs needed on a house before you buy.

Now You’re Ready To Buy Your First House

If you’ve never lived in a home of your own before and you’re buying your first house, it’s impossible to be 100% certain of your decision. But as long as you consider these factors and don’t rush into anything, you’re far more likely to make the right choice.

After you’ve completed the buying process, you will be able to start renovating your new home to match your style and taste! Browse our home and garden section for lots of decor ideas and inspiration.