Looking for your first home is no doubt an exciting process. It marks the start of more freedom in your living space, so it’s important to do it right. Keep the five things below in mind as you look for your first home, and you will make a purchase you’re happy with in the end.
Think About Insurance
It’s important for you to think about insurance, different providers, and different cover available. A survey by J.D. Power found that about 52% of homeowners don’t fully understand their coverage, and they also have trouble finding replacement values for their homes. Another survey by Marshall & Swift/Boeckh found up to 60% of homes are undervalued with regard to insurance, with an undervaluation of 17% on average. It’s good to do research so that you can value your home right and know how to get the cover that fits your property.
Make a List of Must-Have Features
To avoid getting swept away by different features pulling your attention in different directions, make a list of the features that you want your new home to have. This will help you have an easier time when shopping for a house as you have a guiding principle to work with. If you come across a home that does not fit your needs, it’s good to move on to the next one or decide whether you can make do without the said feature. When you do this, you will settle for a home that you feel comfortable living in.
Check the Appliances
Since the Department of Energy states that over 50% of the energy in a typical home is used to keep the livable space either warm or cool enough, 18% for heating water, and 6% for lighting up the home, it’s important to make sure you get a modern home. This will be one with modern fixtures and appliances that help you save money on energy needs. If you neglect to check for this while shopping for a home, you will end up with extra costs incurred while trying to update your home and bring it to current times.
Work With a Good Real Estate Agent
If you decide to work with a real estate agent, make sure to go for one with a good reputation. Seek referrals from friends and family to help you find a trustworthy person with whom they have had a positive experience, and your home-hunting experience will likely be hassle-free and efficient. Alternatively, look for one online and find their reviews, which should help you gauge whether you will have your needs met when you work with them or not. Interview a few agents and settle for the one that feels most likely to get you a great home at a good price, and you may form a lifelong relationship with them that will prove beneficial the next time you want to buy another home, sell one, or simply help someone with a referral to a good real estate agent.
Organize Your Finances
The most important aspect to consider is your finances. Find out your credit, and if there’s still some time left before you buy, start to build it. Check with your bank and other financiers to see if they have mortgage options that could appeal to you, and don’t forget to look around for first-time homebuyer benefits. With a 30-year mortgage having an average interest rate of 3.99%, it should be easy enough to find out what you need as well as what you can get as far as financing for your home goes. You don’t want to get your kid excited about moving houses only to find out you can’t do it due to an expense you could have dealt with had you known about it early enough.
With the five considerations above, you should have an easy time buying your first home. Get a home in which you can enjoy your favorite pastimes with your kid, and help them create amazing memories of their own.