1. Know Your Budget:
First thing to do is set a budget. Evaluate current bills and possible bills you will have by purchasing a home. If you are currently living in an apartment, it is possible your water, electricity, trash, internet, or cable may be paid for. These are all things you will have to pay for as a homeowner. There are also property taxes, homeowners insurance, etc.
Pre-approval at a bank is also a a good idea. While the bank will give you the maximum amount you could afford, it is best to stay under that amount. There will be moving expenses and unexpected expenses that come up along the way: appliances breaking, a leaking roof, pest control issues, water in the basement, etc. Also, if you get into a situation where there are multiple offers on a home and you are pre-approved, it can give you an edge.
2. Think Five Years Down the Line:
When we purchased our first home, our main goal was to get out of our apartment. We weren't thinking about the eventualities of our life. Our first home had two bedrooms on the main floor, one of which you had to walk through to get to the bathroom; the only bathroom. When we started talking about our eventual family, we ran into an issue. The bedroom that didn't have the attached bathroom was our bedroom and the other bedroom was the library. We had a finished attic, but it was hot in the summer and freezing in the winter. Had we been thinking about the future, we would have looked at a three bedroom home with two full bathrooms. Yes, I realize people survive with one bathroom all the time. I also realize we could have made the two bedroom thing work. However, consider this bit of advice when thinking about how much space you might need.
3. The Extras:
Once you have established the basics of what you are looking for, think about the extras. If every home you were looking at had the three bedrooms and two bathrooms you wanted, what else would be a total deal breaker? For some, it may be the size of the garage. Are you going to rule out anything that doesn't have an attached garage? For us, it was the kitchen and the yard. I threw many homes out because they didn't have a large, functional kitchen. I love to bake and a requirement for baking is counter space. We also love to landscape, so we wanted a home with enough yard for us to work with. For some, a finished basement is a requirement, a formal dining room, updated bathrooms, etc.
4. Paint Can Be Changed:
If you have watched an episode of House Hunters recently, you know people get hung up on things; things that are easily changed. How many women have you seen walk out of a home because the kitchen countertops weren't granite? Or, refuse to walk any further than the front door when they see the living room is painted neon yellow? Cosmetic things can be changed; $35 will buy you a can of paint. Paint can dramatically change the look of a room. We painted a stark white bathroom a cool sea green and it really warmed the room up!
Here is the bathroom facelift from our first home:
White walls and outdated lights
Updated lights and a new wall color.
The bathroom shortly before we sold the house
5. Location, Location, Location:
Consider where you tend to grocery shop, go to the movies, eat out, go shopping, etc. Where do you want to be in relation to work, friends, family? We were looking at homes in several suburbs across the metro. We wanted somewhere with good schools, close to work, and easy to get around town. While I wanted to live on the north side of the metro because that was close to my parents, in the end we moved to the west side of town. When we really thought about it, we were driving to Target off Mills Civic to grocery shop, we were eating at restaurants on the west side of town, and we were going to the movies on the west side of town. We are close to both 235 and 80/35, which makes it easy to get around.
Hopefully, this has provided you a few tips to keep in mind as you consider purchasing your first home.
-N
