Basics of Property Management: Screening Potential Tenants

Considerations For All First-Time Home Buyers

7 September 2016

Jesse Obrien

Purchasing your first home should be a fun, memorable experience. However, if you aren't prepared to house shop, you might find yourself faced with so many decisions that the entire process becomes overwhelming. Many people already have some sort of idea as to what they are looking for in a home before they contact a real estate agent, but they haven't taken the time to realistically consider their needs. Take these things into consideration before you start looking for a house. This way, you can relax and enjoy your new adventure.

Your Future Needs

You've probably seen houses that are advertised as "starter homes" in your area. Typically, these are smaller houses that billed as good options for younger adults who are in the market for their very first home. But, is purchasing a so-called "starter home" really a good option for you? If you're purchasing a smaller home now, with the plan that you'll buy a larger home in the future as your family grows, you might want to think twice. What if for some reason you weren't able to purchase a bigger house when you need one? When you're shopping for your first home, you should be taking your future needs into consideration. If you aren't planning to expand your family in the future or you're looking for a house to live in that will become a rental property in the near future, then looking at smaller houses or starter homes might be a good option for you. However, if you're looking for a home that will eventually become the house where you raise your family, look for houses that are affordable and have enough room for your family to grow.

Know the Difference Between Your "Wants" and "Needs"

When you start looking at houses, you'll quickly realize that you'll probably need to compromise a bit to get a home that fits your needs — and hopefully has several features that you want too. Unfortunately, when you're looking at numerous properties quickly, it can be difficult to remember the specific features of each house. So, to make things simple, make a checklist that includes all of the features that you need a house to have and those that you want, but may not necessarily need. Prioritize your list by highlighting all of the home features that you deem necessary. These are your deal breakers. If a home doesn't meet these requirements, you can cross it off your list. Use your checklist to keep track of each house's specific features, and review your checklists thoroughly before putting an offer on a home. This way, you don't overlook a home that actually has everything that you need, because you got caught up in the beauty of another home.

Typically, your real estate agent will do his or her best to show you homes that fulfill your needs. However, if you know exactly what you need currently and what you'll need in the future, it's easier to narrow down your options and choose a home that you'll be able to enjoy for a lifetime.

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