A pivotal moment in your life is when you can finally, legitimately consider your first home purchase. It comes at different times, for some people, right out of college, for others it takes longer. It doesn’t matter how you got there. It is a time to enjoy the process and the anticipation. Assuming you have spoken with the lender, and you already know your price range. Here are 5 things that you should consider while making this all-important decision.
- Location: Location is a complicated issue. It is not all about drive time. It is about the future and how things are going to change too. It used to be, people would want to live close to their work, but many of us are working from home now. Schools are an important consideration if children are in the picture. You also need to think about where you shop. Do you like to eat out? Perhaps you do everything online. The more things you do from home, the less important the city infrastructure becomes. And this opens to you the possibility of living in a more natural setting, or a smaller friendlier community. Moving outside the city will bring down the cost of your home and improve the standard of home you can afford. Follow this link to find real estate agents in Townsville, QLD
- Future needs: If you plan to live in your house 10 years or more, you need to think about how that neighbourhood is going to change. Is it new, then it will probably be getting more features like shopping and schools? Is it old, well, maybe it is past its prime? Do you want a natural setting? What are the chances that in 10 years you will need to move because you no longer have a view? Will you be able to personalize your property as your needs change? Do you have pets?
- Property condition: Is the house ready to move in or is it a fixer upper? Minor problems might be in your favour, as you can use them for leverage. But make sure you look at the structural integrity, roof condition, and major systems, like plumbing and heating, and make sure you know whether that area is prone to flooding. It is a good idea to get a professional inspection.
- Flexibility: If you are handy, or if you have a big enough budget, you can take advantage of low value properties that can be renovated into something much better. This is cheaper than building from scratch, but sometimes not much cheaper. Be aware, hidden costs can turn that flip into a flop. Get good estimates on any major plans.
- Your essential elements: Most importantly, make a list of the things that you consider to be your essential elements. The things you absolutely must have. And then stand firm and make sure you get those things. If it takes a little longer to find the right place, that’s OK, it is more important that your house makes you happy.
Owning your first home is a major accomplishment, but also a major commitment. You need to know what you want, and then insist that you get it.
