How To Avoid First Time Home-Buyers Remorse
Many Americans dream of owning their own home, but there are less homeowners now than ever before. There are many different variables that have contributed to the stark decline in homeownership for recent generations, from the global economy to a sharp incline in the price of homes. Despite this drop in homeownership, it’s still very possible to buy your dream home. If you’re looking to be a homeowner but don’t know where to start, this article is for you.
Know What Your Budget Allows
Many people are conditioned to idealize dream homes way outside of their price range. While dreaming big can solidify your options for the future, knowing what the market in your area looks like and what your budget allows for will give you the ability to make better decisions when it comes to purchasing a home within your budget that you’ll love. The first step in this process is to understand your finances. Most financial experts recommend purchasing a home where the monthly mortgage payments never exceed 28% of your monthly income. After you have a good idea of what you can realistically afford within your budget, you’ll be able to search for the kinds of houses that exist on the market in your area at that price range.
Think About The Future
When purchasing a home, if you have a plan for what your life will look for the next few years, you’ll be able to purchase a home that more closely fits your needs. For example, if you know that you and your partner are looking to have kids within the next five years and want to stay in the same house for ten, plan to get a home with additional rooms that will fit the future of your expanding family. This process may also include how long you plan to live in your new home, as updating your home will increase the future real estate market value of your home. Consistent updates will ensure that you get the highest return when you go to market in the future.
Take Your Time
One of the most critical and underrated tips when purchasing your first home is to ensure that you are taking your time and staying patient. Many real estate agents are looking to make money and sell homes as quickly as possible, but to find a home you’re truly happy with, you should take your time to really know what your options are and if you’re picking the best fit for you and your family. Although you may be ready to make a decision, doing a lot of research beforehand and really understanding your options will ensure the best results for purchasing a home that you truly love.