A first Starter Home is a great investment and might be the first big purchase you ever make. That said, home plans can get rather complicated.
Choosing the right starter home can be stressful and time-consuming.
There are many things to mull over when picking your first house and these choices can be very emotional. From whom to pick as your architect (You might want to check out Truoba house plans) if you are building a home, to how the Truoba house floor plans affect the feng shui of the house, among many others.
Sometimes, you have to forgo having granite countertops and hardwood floors because it’s just not in your budget.
Making sound decisions on your first home has to be done with more practicality and less emotion.
Let us look at some critical things you need when looking for a starter home:
As a potential first time homeowner, you might find a house that you are head over heels in love with. But it might not be the right choice for you.
One of the things you have to prioritize is the location of the house. Is the house close to work, hospitals, schools, and restaurants? Does the house fit your lifestyle? Is it close to family and friends?
While you might like a house, accessibility is a critical component because commuting long distances can be a real chore. You could grow apart from friends, family and might not be able to indulge in activities you enjoy.
This might make you resent the location of your first home.
Can you afford it?
Very few people can pay for a house upfront which unfortunately means getting a mortgage. While you might like a house, it might not be the best fit because of the price.
Spending more than 50 percent of your monthly income on a mortgage is not sustainable. Being fiscally responsible means leaving enough to live off of while saving for the future.
You might have to forgo living in the fanciest neighborhoods with a pool and granite countertops or settle for 1 bedroom house plans for financial stability.
It’s a great trade-off and setting money aside could help you finance a mansion in the future.
Remember, your starter home might not be your forever home. There might come a time when you have to move because of an expanding family or moving out of town for work so be mindful of the cost.
Is the starter home in good shape?
Having a well-maintained house that you can move into immediately is the goal.
Buying a fixer-upper might bring you financial ruin. While cheap in the short term it might cost more than buying a well-maintained home.
Let’s say you can’t move in immediately. If you can’t live with your family, you might have to pay rent and a mortgage at the same time.
Not to mention, if you are not a DIY guru you’re going to have to hire a construction team which can be expensive!
Making sure your starter home is in good condition and ready to move into will save you time and money.
Your first house is most probably where you’ll learn the ropes of homeownership but in a decade you might want to sell.
When looking to invest in a property make sure you do so in an area with a thriving housing market.
It would be a shame to buy a house and a couple of years down the line have to sell it for less money.
Two key features of a thriving housing market are demographics and government policies.
Let’s face it, who your neighbors are matters. Demographics is data that describes gender, race, and income.
Buying a house in an urban area with many young people could be less expensive than a house in the leafy suburbs with an older demographic.
Government policies can make or break a thriving market.
If the government increases taxes due to a sluggish economy then fewer people are willing to buy homes.
However, if the government gives subsidies to people buying homes during a recession then more people will buy homes.
Thinking about the future by deciding where to buy your home can be a great investment.
Affordable maintenance costs
This is not the same thing as having the home in good condition.
Affordable maintenance costs include; the cost of transport, utilities, and other extra costs you didn’t think you’d incur.
Transportation costs could be public transport or gas money. Having a house located in a dense urban setting might mean being stuck in traffic which increases the cost of gas.
If you live in an area with a colder climate; electricity, oil, and gas can be astronomical, especially if you own a drafty house.
Extra expenses can include garbage disposal, landscaping, and snow removal services.
When picking a first home, make sure these costs are mitigated by picking a home with less outdoor space.
House hunting doesn’t have to be stressful. Use these tips and you should have a relatively easy go at finding the perfect fit.