When you think of buying your first home, do you dream about things like a perfect garden out back? A big kitchen with a large center island to host the perfect holiday dinners? Or maybe a master suite with a fireplace in the bedroom.
While it’s fun to think about all the nice things we want in our first home, and probably are reasons we are looking to buy our own home in the first place, it’s important to think about if your first home should have all those dreamy attributes.
You see, first-time homebuyers have a lot of odds against them in the first go-around of buying a home. The market is competitive, and most first-time buyers are working on a budget that most entry-level homes are not equipped with those dream desires.
So what should you look for in a home as a first-time homebuyer?
- Neighborhood. Find an established neighborhood that has all the amenities and future attributes that you will need. Planning on a family in the near future? Look for family-oriented neighborhoods with good schools
- A little fixer. Find a home where you might need to put in a little sweat equity. Find a home with good bones and a great layout, but may have some improvements that you can make yourself or can afford to hire out.This gives you a great chance to increase your home’s value.
- The price. It is important to stay on budget and have enough money set aside for unknown repairs and things like taxes and insurance. Your first home will teach you a lot of lessons on managing money and prepare you for buying your next upgraded home.
Focus on the goal of getting a home that you can add value to and start gaining some equity for your future and you will find a home that you can make great!
