Buying a first home starts with knowing what to consider. Location? Price? Size? They're all worthy of consideration! Realtors will tell you when you are buying a first home, what really matters is: location, location, location. They're right too! But let’s face it, price and size have to fit into that equation somewhere. When you're buying a first home, location, size and price definitely weigh against each other. I learned this when buying my first home.
Location, Location, Location
When you are buying a first home, you have to research towns, neighborhoods and school districts. Even if these three things don't impact your life right now, they will become extremely important if and when you have children. And if having a family is not in the cards for you, these three factors are still extremely important when you go to sell that home and move on. Because you can bet the next buyers will be searching for those same criteria when they are buying a first home.
Buying a First Home
When buying a first home, I was told I would probably only live there for 5 to 7 years. Usually people upgrade to a larger home when they start a family and that may be true. However, in my case, my ex-husband still owns that house we bought in 1985. We chose it because it was close to the ocean, 30 minutes from a major city and located on a cul-de-sac in a well-established family neighborhood. Super easy for resale!
Priorities When Buying A First Home
My intent when buying a first home was to have an easy commute to work, yet be far enough away to feel like I was going on vacation when I left work. I knew eventually I would have kids and the family friendly neighborhood was perfect for that. I also knew that if I wanted to sell, I could do that in a heartbeat. This bedroom community was the perfect location for living as well as for resale. So give consideration when you are buying a first home. Identify your own priorities and what will fit for your lifestyle. There’s a good chance your needs will match your buyer’s needs down the road.
Price is Important When Buying A First Home
You have to know what you can comfortably afford before you even start looking at homes. After I put an offer on my first home, I went to the beach with my husband and a bottle of wine, scared about what we'd just done. We had done our homework and knew what we could afford, but we were still scared to death. We also did a lot of research on what homes had sold for in that neighborhood, so we knew what the right offering price should be. A great real estate agent will help with this process by pulling together comparable sales for you to review and then guiding you in deciding on the offering price.
Size Matters When Buying A First Home
If you have the first two items nailed down, you can make the size work. There are lots of ways to be creative with the space you can afford in the neighborhood you want to live in. If you do outgrow the space, you know in advance that you did your homework on location and you know you will not have a problem with resale. Buying your first home doesn’t mean it has to be perfect. Buying your first home is what you need to start your journey as a homeowner.