As a first time home buyer, you may think you’ve only got a handful of financing options to choose from when selecting your first property. However, there are actually several options to choose
Starter Home Considerations For First Time Buyers
1. House vs. Budget
Talk to real estate professionals who know your market. Banks have tightened their lending in the past few years, so you may not really know what you can swing until you get pre-approved. If you don’t have kids but want them, expect your finances to tighten when you do. Many homeowners recommend buying less house than you can afford, to leave some budgetary breathing room.
2. Resale Value
A one-and-a-half bathroom home may seem like a steal, but there may be a reason for that – maybe anything less than two bathrooms doesn’t sell well in your area, so you could struggle with resale value. Or maybe you’re just lucky and it’s absolutely worthwhile. Knowing what sizes hold their value can help guide your decisions.
Potential buyers’ hobbies warrant some consideration. This isn’t to say you need to stage a room as a gamer’s paradise, or a scrapbooking room or a music space, but it’s nice to know a room has the potential to be any of those things. Bonus rooms can be very appealing to a family that’s heavy into activities.
4. Outdoor Space
While a garden or lawn may be a big part of your overall dream as a homeowner, it’s important to consider the regular yard maintenance that comes with it. A lush and full garden and yard is wonderful, but make sure you take stock of the time you have to devote to an elaborate garden.
5. Future Needs
Be sure to keep future plans in mind when purchasing a home – kids, an aging parent, new pets, etc. The market vagaries of the past few years have made it harder than ever to upgrade starter homes in many markets, so it might be better to skip the “starter” part, especially if you’re focused on a specific area. With volatile markets, you may end up in your starter home longer than planned.
Ray and Carla have been working as a team since 1995. Carla’s extensive knowledge of the Denver area real estate market not only includes over 35 years as a Real Estate Broker Associate but also in....
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