Real estate is one of our oldest industries, because as long, as someone owns, something of value, there will be conditions, at some point, or another, which bring him, to consider selling it! Every individual, who buys any house, at some point must proceed, to purchase his first home, and doing so, for the first time, has certain specific challenges, and obstacles, involved, as compared to when, someone buys their second, third, etc. With that in mind, this article will attempt to briefly, consider, examine, review, and discuss, some smart considerations, when one is ready, to purchase his first home, of his own.
1. Why are you buying, versus renting, etc?: Begin with an introspective, objective, review, of why, you want to own a home, rather than continue, your present living arrangements. How has your life experiences, and/ or expectations, led you, to this decision? Have you considered the responsibilities, and obligations of owning, in terms of financial, maintenance/ repair/ renovations, and how, you might feel about doing so? How will owning, better serve your needs, and expectations, etc, than renting, etc?
2. Financial considerations/ preparation: Are you prepared for owning a home, of your own? Have you looked, at your finances, and consulted, a mortgage professional, to consider your qualifications, and ability to obtain the loan, most need, and require? In terms of finances, you must closely consider, and examine, if you have the funds, for the down – payment, as well as all the needed reserves, etc. Some of the reserves, must include: Reserve fund, for contingencies, in case you have some change in work status (recommend 6 – 9 months reserves); funds for immediate repairs, renovations, upgrades, including painting, flooring, etc; appliance reserve (for upgrading/ replacing appliances, such as refrigerators, dishwashers. freezers, cooking appliance, etc; future renovations; future repairs; upgrades; and major needs, etc. Homeowners, who prepare for contingencies, discover, owning is far more relaxing, and less stressful, than those who fail to be ready!
3. Know your needs: Smart buyers know, and fully consider, their needs, now, and into the future! Are you buying this house, for the longer – term, or focusing on it, as a starter – home? If it’s the latter, then, it might be simpler, to consider, because there are fewer variables! Those looking, longer – term, must evaluate, whether they might be well – served, and whether there is a potential, for adapting the specific house, on this property, for future needs!
4. Location: It’s possible to change many things about a specific house, and property, but, you can’t change its location! Before buying, walk around the neighborhood, and area, see if it meets your needs, and priorities, in terms of schools, conveniences, shopping, transportation, safety, etc.
These are just, four, of the considerations, before purchasing your first house. Those who consider things, thoroughly, consistently, are happier, and better served, with home ownership!