Purchasing Your First Home

Written by  //  January 23, 2014  //  Home Decor  //  No comments

house  wallpaperNo matter your background—single, newly married, single parent, or elderly—it's never too early (or late) to invest in your first home. Before you start searching for your dream home, there are many factors you'll want to take into consideration. Your home is likely to be one of the largest investments you'll ever make so you want to ensure that you fully understand the commitment you will be making as a homeowner.

Below is a list of things to consider before beginning your search for your first home.

Are You In Your Dream Job?

There are many perks to owning your own home, such as being able to paint, remodel, and update the landscaping as you wish. While you may be looking forward to the many perks of homeownership, it is important to consider whether or not you are currently in your dream job. This is because employment is often a primary factor when it comes to deciding the city or state you will reside in long-term. If you are still figuring out what you want to do professionally, you may want to hold off until you have a better idea of your professional aspirations, in case they lead you outside of your current city or state. However, if you know you are going to stay in your current area for a long time, it may be an ideal time to buy.

Is Your Family Complete, Or Is It Still Growing?

The size of your home is vital to the comfort and livability of your space, so you want to consider if your family is complete, or if you will have kids. For example, if you are single, yet hoping your home will be a place you can raise a family, you may opt for a home with multiple bedrooms. However, if you are retired and your kids are out of the house, you may enjoy having a smaller place.

What Kind Of Down Payment Will You Need To Save?

Before you begin searching for a home it is a good idea to meet with a lender to ensure your credit is where it needs to be, to discuss what your down payment will be, and what interest rates you are eligible for. When speaking with your lender, discuss details such as how drastically each additional thousand dollars you put down reduces the interest you will pay over the term of your loan. Also ensure that you clearly understand how much you will pay in full if you do not pay your loan off early. Lastly, inquire as to how making just one additional mortgage payment annually can drastically reduce the amount of interest you pay.=

How Much Will You Need To Furnish Your New Home?

One thing many first-time homeowners forget when they purchase a home is to set money aside to furnish and decorate. This includes appliances that may not come with the home, furniture, landscaping, window treatments, and personalizing your home with paint or new flooring.

What Are Your Wants vs. Your Needs?

Before you seek out a realtor and start searching for a home, make a list of what features you need your home to have, versus features you want. When making your want versus need list, keep in mind that your home is a long-term investment and that you will be living there for years. For example, if you live in a hot and humid environment, air conditioning may be a "need", instead of a "want." 

 

This article was provided by Home & Garden expert, Chase Roberts. If you're ready to take that first step in seeking out your first home, Chase recommends contacting a Northern VA Real Estate Agent.

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