Guest Article By:
Michelle Folmar (Finance Writer and Blogger)
If you’re like most Americans, homeownership is up there with your graduation, your wedding, and your first car as far as important life milestones go. But as soon as you start getting your feet wet during the house hunt, you quickly start to realize that there are a lot of properties out there to choose from. And with more listings going up every day, it’s not always easy to pick up one house and say “Yes! That’s the home I’m going to buy!”.
Is your shortlist full of winners? Are there key essentials out there that can simplify your home search?
Here are four key factors that could make all the difference to your experience as a homeowner.
Factor #1: The Neighborhood
The general neighborhood isn’t the top priority for a lot of homebuyers. But it’s a detail that deserves second and third looks when you’re looking at a house and asking yourself if you should make a purchase. After all, if it’s a reasonable house and the crime rate isn’t too bad, should you care?
Because your neighborhood will directly affect your quality of life while also affecting your property value.
For instance, a lack of grocery stores in the immediate area can turn shopping trips into an entire production. And in the meantime, a subpar school district, even if you don’t have kids, can make your house a harder sell to buyers.
Luckily, the solution here is simple. When you’re looking at making a home purchase, stop and consider the surrounding neighborhood. It’s a simple decision that could go a long way towards saving you from buyer’s remorse.
Factor #2: The Age of Your Property
During your house hunt, it’s easy to fall in love with character homes. But while they’re cute, charming, and fun to show off at parties, older homes often require more TLC and maintenance.
Suddenly the flooring has to be fixed in Year 3 or 4 instead of in Year 10 like you might expect in a newer home. And if the HVAC system isn’t newly installed, the furnace could start showing signs of wear and tear sooner.
But if buying an older home isn’t a deal-breaker for you, the good news is that you may be able to land this type of house at an attractive price. But if you’re going this route, the best way to ensure that you can enjoy your home without being overwhelmed by feelings of “What have I gotten myself into?” when something breaks, is to start with a heftier savings account.
Factor #3: The Price of Your Home
You may be looking at this one and thinking “Obviously.” But the reason why the price of the home matters is because of how it can shape your budget.
It’s possible to buy a house that you can technically afford at the higher end of your budget only to find yourself without financial flexibility later on down the line. And if you run into difficulties with your job or if you need to start a college fund for the new addition to your family, it’s easy to end up in a situation where you’re just not able to pivot to meet those needs.
For these reasons and more, it’s often recommended that you buy a more affordable house so that you can have more financial flexibility in the long run.
Factor #4: Your Preferred Lifestyle
Some folks are all about peace, quiet, and fishing on the weekend while others live for the hustle and bustle of the city.
Okay. So what does this mean for your homeownership experience?
Everything.
Because if you buy a home that suits your current needs but not your future needs, you could quickly find yourself paying for a house that just doesn’t work for you. That’s why it’s important to make sure that the home you purchase can accommodate you in the long run.
Here’s How You Can Land the Right House
Buying a home is like choosing a college major. There are lots of options to choose from and things to consider, and the one decision you settle on can have major long-term implications. We’ve listed four factors that can help determine if the property you’re looking at is likely to be a good fit for you. Just take a deep breath, look at your list of must-haves and your list of non-negotiables, and consider all the facts in front of you.
