3 Things to Consider Before Purchasing Your First Home
Purchasing your first home is the thrill of a lifetime, and it is likely the largest purchase you will ever make. Buying a home makes sense if you can afford it; renting a house or an apartment provides you with no opportunity to build equity. However, there are many things you need to consider before you finalize the purchase of your new home, including that you’re pre-approved for a mortgage. Here are three things to consider before you purchase your first home:
Type of Home
You may think that choosing a house that you like ultimately comes down to your interior and exterior stylistic preferences; however, your preferences should align well with practicality. If you’re a bachelor or you only live with a partner, a condo or executive townhouse may be an ideal fit for you. Now, think a few years ahead: do you plan on having kids? Do you plan on purchasing a dog? Some homes are not necessarily kid-friendly or pet-friendly, whether it be because they have insanely steep staircases or an in-ground pool, so be sure that you are comfortable with these features for the future. If privacy and security are major selling points for you, a two or three-floor home may be your best option.
The location of your property will influence your willingness to finalize a sale. There are a few notable things that should determine where you buy or build your home, including how close the property is from your place of work. If you commute to work, you may want to settle down in an area that is only a few kilometres away. If you have children, you may want to look for a location that is near schools or daycare centres. Many buyers look for homes in rural areas because of the seclusion, quietness, and extended green space; however, if you rely heavily on public institutions & services such as hospitals, churches or public transit, moving to a location that provides easy access to these services may influence your decision making. The neighbourhood of the property will also factor into your decision making, so ensure you check out the area and maybe even speak to a few locals about their experiences living in the neighbourhood.
Every buyer we’ve ever met has a unique set of preferences, some want a huge yard with unlimited landscaping possibilities, while others prefer not to have a big yard. Taking care and adding to your green space is fun and can provide you with a creative outlet. However, green space is a commitment. If you are not willing to maintain and manage your yard, it can quickly become an expensive and time-consuming burden. If you’re a mother or a father, investing in a property with a huge back yard will provide you with a safe & secure spot for your children and pets to play!
Buying or building a home is an unforgettable experience, so make sure it’s a wise one! For more information, contact Phoenix Homes today!