Buying your first family home is always exciting, but it can be a daunting experience, too. If you’ve never purchased a property or are unfamiliar with the process, you might be worried about getting things wrong and missing out on your dream home. With these handy tips from our visiting writer, you can ensure you’re ready to submit an offer and complete the purchase as soon as your new home comes on the market:
5 Tips for Buying Your First Family Home
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Calculate a realistic budget
When looking at potential properties, it’s easy to be swayed by large homes, acres of land, or impressive interior design. However, stretching your budget too far can make it challenging to maintain a property and lead to financial problems further down the line. To prevent this from happening, calculate a realistic budget before you start browsing properties, and be sure to stick to it. If you’re a doctor, you may qualify for larger physician loans in California than you may be comfortable with. You want to figure out what you can realistically afford for a monthly payment, not just what the bank says you can afford.
Decide how to finance your home
Most people require a mortgage to buy their first family home, but there are other options available. If your family is able to contribute, they may want to help you get on the property ladder, for example. Alternatively, you may consider buying a home with trusted family members to reduce costs. If you can do this, you may be able to get away with only taking out a home improvement loan to make some updates.
Get pre-approved
If you will require a mortgage to buy a property, it’s well worth getting pre-approved in advance. This speeds up the purchase process once you’ve found the home of your dreams and can prevent you from missing out. Knowing when to get pre-approval and submitting your application is essential, so take the time to learn more about the process. As well as helping to ensure your offer is accepted, pre-approved for a loan or mortgage will give you peace of mind that you can move forward with your plans.
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Consider local schools
If you’re buying a family home, you’ll want to consider the options for local schooling. Even if your kids are currently too young for full-time education, it’s important to be situated within the enrolment areas of your chosen schools. There can be lengthy waiting lists for places at popular schools, so consider this when looking at potential family homes!
Plan for the future.
While no one can predict the future, you can get one step ahead by planning for the future when you’re buying a property. For example, if you think you might need extra space, choose a property that can be extended easily. However, fixer-uppers allow you to customize and update the features later, adding features according to your family’s needs and desires. Renovations and updates can increase property values while meeting all your family’s needs; for instance, installing range hoods from trusted companies could get your dream kitchen underway while finishing the basement could create extra living space or an extra bedroom. When it comes to finding the ideal property, there are endless possibilities – don’t be intimidated to think outside the box and consider unconventional possibilities such as converting garage space into living space or creating a backyard studio for extra living space. By choosing a property that can be adapted to suit your changing needs, you can ensure your new home will work for a growing family.
Finding the Right Property
Before viewing properties, create a list of must-have features you need. While most buyers must compromise on some things, this will give you a good starting point to begin your search. No matter how eager you are, take the time to find the perfect property, and you’ll be confident that you’ve found your dream family home.
Get The Right Mortgage
Whether you want to buy it for yourself or rent it out, you’ll need to get financing for the house you’ll buy. That can be one of the most challenging parts of the process, as mortgages have a lot of criteria. You’ll need to know how to get a loan for an investment property or family home.
There are more than a few factors to consider, with eligibility criteria being one of the most notable. The ones you are eligible for, you’ll have to compare. Focus on interest rates when you’re doing this, as it’ll dramatically affect how much you’ll end up paying back.
Afton Jackson says
Your tip about planning for the future when buying a house, especially when it comes to things like space, really helped to read. My family has always been dreaming of one day having a house with an extensive backyard. Getting a yard that has all types of outdoor kitchen setups, gardens, and play areas always made us want to work harder to strive for the day we can make that happen. With that in mind, we’ll definitely need a more spacious home property to do that, so I’ll keep that in mind while shopping for real estate listings that have homes for sale.