Being a first-time homebuyer can be an intimidating process, especially when you’re surrounded with more input and advice than you know what to do with! It’s true that there are a lot of things to consider but what’s most important is to listen to the trusted experts in the field - property investment professionals are veterans of the housing industry and their advice is valuable especially when you are bombarded with sources and don’t know where to start. Today we dive into the A9 Property professionals’ take on what to look for when you’re planning to buy your first property.
The location of your potential home is going to be the top consideration for first-time buyers. Location is crucial because it determines the kind of lifestyle you’ll be able to enjoy. The location also determines the proximity of your property to schools, your work and to public transportation hubs, greatly influencing the length of your commute. Location is also a key player in determining the kind of neighbours you’re going to have, your exposure to natural events like flooding, the climate, and so much more. It is important to pay attention to the things you can’t change about a house and make sure you can live with them.
The quality of your first home purchase should also be greatly considered. Are there visible signs of damage? If yes, to what extent are the damages? What is the condition of the roof? Are there leaks or structural damage of any kind? Remember that all of these issues can be fixed but as a first-time homebuyer, these things should be in good condition before you close a deal. If not, you’ll risk spending more on renovations and replacements. Look for homes that have low maintenance features such as wood floors and granite countertops that are relatively hassle-free and easy to upkeep. Buying a property off the plan is a good way to make sure everything about the property is in perfect condition.
First-time homebuyers are advised to always make sure that their home meets both their current and future needs. It must answer to your non-negotiable requirements. Whether it’s the size, floor plan, the location, or the type of community you will be settling in, your home must be able to provide and meet your needs and must help you attain your goals.
Another thing first homebuyers should look for are home prices and whether or not they fit into one’s budget. The important thing is to always stick to your chosen budget and ensure that the mortgage amount you’re going to be paying for is what you’re most comfortable paying. Home buying can be an emotional process and ‘budget creep’ is one of the most common pitfalls new buyers fall into it. Write down your budget before you look at a single property to hold yourself accountable, and stick to it.
It is also vital to know the resale value of your home, as it is a major factor determining the quality of your investment. Search for features in your home that future buyers would also find attractive and appealing. Is your home energy efficient? Does it have a big kitchen? Is there a home office? Is it located in a good neighbourhood? All these factors will come into play if and when you decide to sell your house in the future or have it rented out.
It can be challenging to find a home that meets all your criteria, so in the back of your mind, it is ideal to have a clear set of variables that you’re willing to make a compromise on. For example, you may require a three-bedroom home but you’re willing to compromise on the size of your kitchen. Or, you found the perfect house but only has a one-car garage – are you willing to park your second car on the street to stay under your budget?
While we don’t recommend compromising straight away, having this flexibility in your back pocket makes the home buying search much easier.
Are you a first-time homebuyer? A9 Property can help you on your journey in the real estate industry, ensuring you’re making the right investment. We provide regular content, advice, and seminars to new and seasoned investors. We also offer selected off-market properties listed for sale that you can only find here. Enquire today to learn more!