Tue, February 3, 2015
As a renter, you have the luxury of choosing a place that meets your needs at the moment.
Buying a home
is a much bigger commitment, both in terms of finances and the length
of time you’ll likely live there. When seeking out your first place –
whether a house or condominium or anything in between – it’s important
to do your homework.
Here are 5 things to consider as you begin the process of purchasing your first place.
1. The growth possibilities. Shop for a place that meets your
current spaces needs, but also consider one that can adjust to a
changing household. A five-year plan may not pan out as you expect, so
think about possible life changes that could impact your need for
bedrooms, bathrooms and square footage.
2. What's under the hood. Your first place may not come with many
frills or luxury features – but all the basics should be in good
condition. Thoroughly inspect prospective properties. And before any
purchase is made, hiring a professional inspector is a must.
Your real estate agent can guide you through this key step.
3. Know that no home will be perfect. Your first home may likely
not be the perfect place. But make it the right one. Finding the right
home is often a matter of prioritizing. Make a list of “must haves,”
along with “nice to haves” and “not necessary to haves.” A three-car
garage is nice, but would you rather have a larger kitchen or live in a
good neighborhood? Only you can measure the importance of the amenities
you are looking for.
4. Consider ALL the costs of ownership. When you
buy a home,
you take on recurring costs you don’t have to worry about as a renter.
Look for a home that meets your budget in terms of full living costs –
mortgage, utilities, trash pick-up, sewage fees, homeowner's association
dues and other fees. Your lender doesn't take into account these costs
when approving your
home loan. A good real estate agent can help you calculate estimated monthly costs to determine the most appropriate price range for you.
5. The lifespan of things. In addition to identifying
cosmetic
and structural flaws before you buy, know what to expect from the
home's components. How long until you need to replace the roof,
appliances, furnace or carpet? Everything may be in working order now,
but all homes need these types of repairs at some point. Researching the
expected remaining life on large-ticket items can help you plan for the
future.
When you're ready to start the process of
buying a home, contact
Amber Castonguay to help!
Amber Castonguay
Direct: 920-988-0048
Text: 920-988-0048
Fax: 866-211-2826
RE/MAX Realty Center
357 W Wisconsin Ave
Oconomowoc, WI 53066
Office: 262-567-2455