Are you considering buying your first house in 2024? Congratulations! As you begin your journey and start looking at homes for sale in your area, one question that’s likely to come up is, “How do I know if a property is a good investment?” As you quickly discover, figuring out the answer to this question is easier said than done. There are a multitude of factors that can influence the value of a home, financial and otherwise. Below, we’ve discussed the matter in detail.
Buying Your First House: Perfect Vs. Perfect for You
While HGTV and real estate listings showcase lavish properties with endless amenities, the truth is there is no such thing as a universally perfect house. A giant modern mansion may seem flawless to some but feel cold and impractical to others. The perfect house for a growing family will look quite different than that for a single professional or retiree. What’s more, every home, no matter how expensive or extravagant, has its flaws. There’s no such thing as the “perfect home” but you absolutely can find a home that’s “perfect for you.”
Rather than searching for some mythical dream home, focus instead on finding one that allows you and your loved ones to live comfortably and happily. Small cosmetic fixes can always be made down the road, but you can’t easily change location, layout, or neighborhood. Compromising on size or aesthetic aspects could be worthwhile if the property checks all the boxes in terms of your priorities like an office for remote work, low maintenance yard, or space for pets. Though it takes effort and patience, you can find a home perfectly suited just for you.
Important Factors to Consider When Choosing a Home
When buying your first house, it’s easy to get swept away by the Pinterest-worthy photos and wish lists of everything you desire in a home. But ultimately, the most important factors to consider are practical ones that impact your life, future, and finances.
- Budget – Determine your price range for purchasing a home based on your income, expenses, and financial goals.
- Location – Research locations, neighborhoods, and commuting distances that align with your needs.
- Size & Layout – Evaluate your household’s size and lifestyle. How do you spend your time at home currently? Prioritize features that are ideal for your family, pets, hobbies, and entertainment preferences.
- Maintenance & Upgrades – Inspect the condition of the roof, HVAC systems, and appliances. Consider costs to update fixtures/finishes if needed.
- Future Goals – Will you live here for 2 years or 10+ years? Set financial growth targets for building home equity to sell or upgrade.
- Outdoor Space – Determine if yard size or features like a deck are worthwhile if you spend considerable time outdoors.
Take the Next Step
Get started with your homeownership journey. Call us today to speak to an expert about mortgage options for buying your first house.