Don’t be caught off guard later on down the road. Know that you’ve covered your basics. Locate and purchase the starter property that is best for you. With the information below, you can more easily find the home that meets your specific needs.
Homeownership is quite possibly the most important financial investment you will ever make. Get the most out of the money and time spent in securing your home. Position yourself for success as you try to nab the perfect starter home.
Have Realistic Expectations
You envision what your property will look like. But are you aware of what you really can purchase? Don’t just have a pie in the sky approach to this. Understand what you can and cannot buy with your money. Look at properties with a similar price point, and understand what those dollar amounts permit you to purchase.
Understand, too, that you always have more than what meets the eye. Work with an inspector to rule out any costly fixes you would have to cover. Make sure you get their opinion as to whether or not you’re purchasing the perfect starter home.
Be Certain You Have All of the Money That’s Needed
Know that you will encounter expenses other than your purchase price. You will have closing costs, insurance, and taxes to pay for before securing your property. It’s also very important to know about any HOA fees you might have to cover relating to planned communities.
Make sure you have enough money set aside for all your utilities and various upkeep costs. You also want to have cash put in savings to cover any emergencies you might experience. As a general rule of thumb, you should have at least $1,000 for unforeseen expenses that you don’t touch unless necessary. Do your homework, and understand all the basics.
Think About Your Desired Neighborhood
As you search for the perfect starter home, it’s more than just your property that must meet certain criteria. Remember to assess the overall value of your desired neighborhood. If you have others who will be living with you, including pets, you must also be cognizant of their needs.
Know how your work commutes will be impacted, but also check out traffic patterns in your potential community at various other times of the day. Make sure you will be satisfied with all the amenities your neighborhood will provide for you, too. Will you have enough entertainment, food, public transportation, and shopping options? What are the parks and schools like? Is there a neighborhood association? What are the crime stats like? As you can see, you have many considerations that you must make.
Stay on Top of Listing Updates
As you look, for example, homes for sale through a simple Google search and, for that matter, starter homes in any city, you must regularly monitor your available listings. Understand that your inventory quickly changes. You have to sometimes act very quickly to land your ideal property.
Sign up for email lists and text notifications. Make sure you’re alerted as to new listings and when properties are no longer available. You don’t want to zero in on the perfect option only to find out it’s no longer up for purchase. If you stay on top of listing updates and receive communications relating to them, you can minimize these risks.
Work with a Reputable Real Estate Professional
Who you choose to represent you in the hunt for the perfect starter home is very important. You must know that they have a reputable track record of helping people just like you. Before locking in on an agreement, do your homework.
You should check to make sure they’re licensed. Don’t forget, too, that you also want to know for certain they will be accessible. You have various real estate professionals that you can entrust. Choose wisely and utilize a pro who meets your specific needs.
Make Sure Your Remember These Tips
As you navigate the competitive and quickly changing world of real estate, you need to know the go-to tips that have helped others. This is even more important for you as you search for the perfect starter home. You have many tips that you can consider, but the suggestions just covered should help you get the most of your home-buying process.
About The Author: Regina Thomas is a Southern California native who spends her time as a freelance writer and loves cooking at home when she can find the time. Regina loves reading, music, hanging with her friends and family along with her Golden Retriever, Sadie. She loves adventure and living every day to the fullest.
Photo by Tierra Mallorca on Unsplash
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