8 Things New Home Buyers Should Think About
Originally Posted On: https://www.iquanti.com/
When you buy a home, there are so many things to consider—property size, price range, local schools, and more. For first-time homebuyers, the list can become overwhelming, and it can be hard to decide what to focus on. From utility bills to purchase protection, here are eight things to think about when buying a home.
- Property size: Do you want a backyard? Do you want to garden? What about a driveway? You’ll want to think about how much space you need and what kind of property size will fit your budget. Remember, you’ll have to maintain the property, so having several acres might lead to other costs, like a riding lawnmower or hiring landscapers.
- Improvements and renovations: This is particularly important if you’re looking into purchasing an older home. Are there any upgrades or improvements you want to make? It’s important to factor in the cost of any improvements or renovations you may want to make to your new home. When figuring out costs, getting rough estimates from contractors ahead of time can be helpful.
- How long you plan to stay in the home: Are you looking for a starter home, or do you plan on staying in your new home for the long haul? If it’s a starter home, you might be okay with fewer bedrooms or bathrooms, and other compromises. If you’re planning to raise a family in this house, then you’ll want to make sure it ticks all the boxes.
- Price range: How much can you afford for a down payment and a monthly payment? Figuring out your budget may seem like an obvious step, but many buyers start shopping for homes without a realistic idea of what they can afford.
- Schools in the area: If you have children or plan on having children, you’ll want to research the schools in the area. Find out about the quality of the education, special programs or tracks, and the extracurricular activities offered.
- Cost of living: Even if you’re only moving a few towns over, the cost of living can vary from area to area. Make sure you factor in the cost of groceries, transportation, and other monthly expenses when looking at homes. To figure out the cost of living, it can be helpful to do some online research and investigate on your own by talking to neighbors and visiting local stores.
- Utility bills: Many first-time home buyers forget to factor in the cost of utilities. Especially if you’re going from an apartment to a house, the difference can be significant. Utilities can include water, electricity, gas, and more. Depending on the size and age of the house, it may cost more to heat or cool. You may want to talk to the owners or ask the realtor what the monthly utility bills look like before making an offer on a home.
8. Life insurance: If you’re buying a home, you’ll want to consider getting life insurance to protect your purchase. The death benefit from life insurance can provide financial security for your family and allow them to continue making mortgage payments if you pass away unexpectedly.