5 Things to Think About When Buying Your First
Place
As a renter, you have the luxury of choosing a place that meets
your needs at the moment. Buying a home
is a much bigger commitment, both in terms of finances and the length of time
you’ll likely live there. When seeking out your first place – whether a house
or condominium or anything in between – it’s important to do your homework.
Here are 5 things to consider as you begin the process of
purchasing your first place.
1. The growth possibilities. Shop for a place that meets your current spaces needs, but also
consider one that can adjust to a changing household. A five-year plan may not
pan out as you expect, so think about possible life changes that could impact
your need for bedrooms, bathrooms and square footage.
2. What's under the hood. Your first place may not come with many frills or luxury
features – but all the basics should be in good condition. Thoroughly inspect
prospective properties. And before any purchase is made, hiring a professional
inspector is a must. Rory Molnar can
guide you through this key step.
3. Know that no home will be perfect. Your first home may likely not be the perfect
place. But make it the right one. Finding the right home is often a matter of
prioritizing. Make a list of “must haves,” along with “nice to haves” and “not
necessary to haves.” A three-car garage is nice, but would you rather have a
larger kitchen or live in a good neighborhood? Only you can measure the
importance of the amenities you are looking for.
4. Consider ALL the costs of ownership. When you buy a home,
you take on recurring costs you don’t have to worry about as a renter. Look for
a home that meets your budget in terms of full living costs – mortgage,
utilities, trash pick-up, sewage fees, homeowner's association dues and other
fees. Your lender doesn't take into account these costs when approving your
home loan. A good real estate agent can help you calculate estimated monthly
costs to determine the most appropriate price range for you.
5. The lifespan of things. In addition to identifying cosmetic and structural flaws before
you buy, know what to expect from the home's components. How long until you
need to replace the roof, appliances, furnace or carpet? Everything may be in
working order now, but all homes need these types of repairs at some point.
Researching the expected remaining life on large-ticket items can help you plan
for the future.
When you're ready to start
the process of buying a home, Rory Molnar will be ready to help
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