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Real Estate 101: Three Major Must-Haves for Your First Home Purchase

Thinking of buying your first-ever home? Regardless whether you’re purchasing a small studio apartment or a five-bedroom mansion for your first home, there are certain basics that your newly purchased piece of real estate should have. When the time is right, make sure your new home has these three things to make it the right purchase decision for your financial status and to maximize the property’s resale value in case you decide to sell it in the future.

Affordable monthly expenses

Monthly expenses on a new home can get out of hand if you’re not careful. First of all, there can be so many added expenses to keep track of, including real estate taxes, insurance premiums, utilities, and more. Make sure your monthly mortgage doesn’t exceed one-third of your monthly net income, and give it some wiggle room, as these monthly payments will only increase with time.

Flexibility

You may have no children yet, but what about three or four years down the line? If you plan to live in the home for the long term, you need to ensure your home has room for growth. Focus more on having more space than fancy fixtures and finishes.

Accessibility

You don’t want your starter home to be too far from life’s essentials, such as groceries, school, or place of work. Likewise, you don’t want the place to be too unfamiliar and too remote from the people and activities you love. Often, homes that are located near a familiar lifestyle or location make for a great choice.

Low maintenance

Unless your handyman skills are up to par, it’s best for you to buy a home that has the least amount of problems. To ensure that the property is low maintenance, have a professional inspector look it over before closing the deal.

Source:

Buying Your First Home? Better Make Sure It Has These 4 Things, realtor.com