Things First-Time Homebuyers Should Consider Before Falling in Love with a House
By: John Garcia | Date Posted: June 7, 2022
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When shopping for your first home, the temptation to fall in love with a property can be overwhelming. If you don’t have a lot of experience with real estate, it’s easy to see why you might regard property as your dream home without first gathering all the relevant facts. However, when purchasing something as expensive as a house, the absolute last thing you want to do is act on impulse. So, before falling head over heels for a home, make sure to consider the following factors.
No matter how crazy you are about a certain home, it’s worth giving some thought to its location. For example, how far away is this area from where you work? If it’s reasonably close to your place of business, this should be taken as a positive, but if it’s a fair distance away, you’ll need to consider whether a longer commute is an acceptable tradeoff for this particular home.
You should also do some research on area property values. Based on the home prices you’re seeing in this locale, does the residence in question truly represent a good deal?
Additionally, if you’re someone who enjoys being out and about, it stands to reason that you’d want to live in an area with lots to do. So, before committing to purchase a home, look into what kinds of businesses, attractions, and activities are within easy walking or driving distance. Furthermore, since everyone wants to feel safe in their own home, you should research the crime rates of any area you’re thinking about relocating to.
After all, you’re unlikely to derive much pleasure from living in your dream home if the said residence is located in an area in which you don’t feel secure. North Carolina-based homebuyers exploring Charlotte houses for sale should never skimp on-location research. If you are moving with a family make sure to check out the schools in the area. Also, check for how safe the neighborhood is. Zillow has good resources for these things.
Residing in an area with consistently high noise levels can wear on the nerves of the calmest individual. With this in mind, get a feel for the general noise levels of an area before proceeding to purchase a home in that locale. For instance, if a home is located within close proximity to railroad tracks, airports, or busy roads, exterior noise is likely to be a persistent problem. Even if you’re absolutely in love with a certain home, incessant noise is liable to put a damper on your residential experience.
Of course, depending on where you wish to move, you may always have to contend with noise pollution. If you’re dead set on relocating to a large city, for example, there may be no way around hearing cars, foot traffic, and various other sounds associated with metropolitan living.
Manageability of Mortgage Payments
Even if you want a certain home more than anything, committing to unmanageable mortgage payments is a mistake on a number of levels. Having the sizable majority of your monthly income eaten up by your mortgage is liable to leave you feeling drained – emotionally, physically, and financially.
To help ensure that your mortgage obligations don’t obliterate your finances, avoid applying for home loans with payments greater than 28% of your monthly salary and 36% of your total debt. Committing to an unmanageable mortgage may strike you as a solid idea at the moment, but it won’t take long for you to discover that this was a huge mistake.
Long-Term Cost of the Property
Of course, your financial obligations to your new home aren’t limited to mortgage payments. You’ll also need to consider property taxes, maintenance costs, and various other expenses associated with owning a home.
For example, if you’re purchasing a home that’s fairly old or one with known issues, take some time to consider the long-term cost of investing in this property versus how much you stand to save by pursuing other options.
With the cost of homes seeming to just keep going up and up without stopping, you should really consider buying a home sooner rather than later. Many people are finding that living in a home for even two years the house appreciates a great deal. If you can find an interest rate that is good, lock it in now so that you can reap the benefits of the market the way it is now.
Make sure to show around for the best interest rates as that will dramatically change the amount of interest you will pay over time. This could vary greatly and you could end up paying tens of thousands more over the course of your loan. If you can pay in cash, get in the market now!
It’s easy to see why so many first-time homebuyers are prone to quickly falling in love with the houses they look at. The longer you’ve dreamt of owning a home, the more likely you are to make a home-buying decision in haste.
And while wanting to hurry through the mortgage application and home-purchasing processes is understandable, first-time buyers are strongly urged to take their time. Before going all-in for a home you’ve been looking at, take the factors discussed above into account.
There are also many great discounts and deals for first-time homebuyers that make the deal even sweeter. Even though the market may be crazy at the moment, there are still options and ways to get home now.
You just have to be a little bit savvier and hands-on to get a home in the market the way it is. Consider adding a clause into your offers that you will pay a certain amount more than the highest bidder. That way you can be sure your bid is the highest. If your housing market is anything like Colorado this might be necessary to get home.
So look up tips that might help your chances of securing a home in hard markets like Colorado, you will be happy you did.
Thank you for reading!