With today’s interest rates at near record lows, many people recognize that a mortgage payment on a house can actually be comparable to what they would spend on renting an apartment or home. Perhaps you’re one of them and are ready to take a step up the property ladder.
For most people, buying a home is the most significant financial investment they’ll ever make, and there’s a lot of planning that goes into a successful transition. With that in mind, here are a few tips to help you navigate the home buying process:
Consider future needs. Look ahead and anticipate what your family may look like a few years from now. If you’re a single buyer, you may someday add a ‘significant other’ to your household. If you’re a young couple, you may be planning on children. Or you may already have children whose needs will change during the next few years. As they get older, your children might like their own bedroom, or some private space to play, entertain or just hang out. Though additional space may not be needed immediately, it’s important to consider potential future requirements. Keep in mind that there is no such thing as the “perfect” house. Instead, determine what’s essential for the near future – number of bedrooms, approximate square footage, community, etc. At the same time, it is wise to be cautious. Look to future needs, but don’t overextend yourself buying space you may not ever need.
Remember resale. Purchasing a home is a great long-term investment. However, there are many reasons home buyers may need to move again, such as relocating for a job or a major lifestyle change. Think about the length of time that the home may be owned and during your search, also consider the potential resale value of prospective properties you are viewing. As your real estate professional, we can help by sharing such valuable information as the average price of resale homes in the area, how long each property has been on the market and what features increase – or detract – from a home’s value and appeal.
Plan for maintenance and repair costs. Owning a home is a rewarding experience. However, along with a set of house keys come certain responsibilities for upkeep. A leaky faucet and unkempt lawn won’t take care of themselves, so be sure to include future repairs and maintenance in your household budget. Keep in mind that certain properties such as condominiums and townhomes require less exterior maintenance, and might be a good option if you find the idea of maintaining a yard a bit daunting.
Want to know more about the home buying and selling process? Contact Team Masterson for the inside scoop on your market.