Tips for buying a home no matter what age you are.
What are your goals as far as buying a home? Do you want to be a homeowner by a certain age? Maybe when you reach 50, you may want to own two or more homes.
Buying a home is probably the biggest purchase most people will make and since it is done at the most, every few years, home buying isn’t a process most are accustomed to.
Since buying a home isn’t like going to the grocery store and choosing to place food items in your basket based on the price, it is important to educate yourself when looking to buy a home. Whether you want a home to start your family in or you are looking to down size after the kids have grown up and moved out, home buying should be about the numbers.
No matter what age you are, choosing a home based on your lifestyle and goals is the most practical approach. Experts suggest planning on living in your home for at least five years. Always purchase your home with resale value in mind. If you are unsure of the home you are looking at to buy, it is a good chance ten years down the road someone else will too.
First Time Homebuyers – Don’t over strain your budget just because it has those extras like a pool, walk-in closet and Jacuzzi tub. Be practical. Having a pool might sound like an extra bonus, however keep in mind the monthly electric and water cost of maintaining that pool.
If kids are in your future, make sure you are buying a home which can accommodate this. Finding a home in a good location is key. If your home has a great location, there are minor adjustments you can make to improve the look and feel of the house that can add a lot of value to your home.
Growing Families – If you are planning on having more kids, keep in mind the bedrooms your new home has. Having a great common area or open floor plan is a plus with kids.
A large yard is a major plus with a growing family. An area where kids can play safe outside makes your home not only perfect for your family but a great plus for other families looking to buy when it’s time to sell your home. Another important thing to consider is the schools in your area. Married couples wanting to start a family will want to buy in an area where the schools have a good reputation.
If your family plans to grow there is a strong chance you will stay in your home longer than five years. In this case, when buying a home consider more how renovations to your home would affect your resale value. Make sure you can create a home that is right for you in a neighborhood and school district that is right for you.
The Kids Have All Moved Out – By the time your kids are moving out, chances are you may have already bought multiple houses in your lifetime. Now it is time to downsize into a smaller and more manageable home. Make sure the location of your home fits your lifestyle. Being close to shopping, great medical care, transportation, places of worship and social activities are all bonuses for empty-nesters.
If you are unsure of a location, you can always rent first before purchasing. Sell your primary home before downsizing or you can purchase a second home with the hopes of turning that home into a primary residence. There is also the option of renting the second home and having someone else pay your mortgage.
Remember to contact The Lawhead Team for any and all your real estate questions and concerns. We are here to help and would love to share our expert advice with you no matter what stage in life you are at! Because Two Lawheads Are Better Than One when buying a home.
