Buying a home (especially your first one) is a really big deal. There are no two-ways about it! For some, it’s about finding a home to raise their family in and for others it’s about climbing the first rung in the real-estate investment ladder. Maybe for you, it’s a little mix of both!
When navigating such a big step in life it’s important to make sure you have a well-rounded approach. At Blue Sky, we are here to provide you with all of the tools that are needed for this scary but rewarding process. To get you started, here are the top three things to think about as you enter into the wonderful world of home-ownership.
#1: Name Your Price
This doesn’t just mean what price you are willing to spend on your house; there are many things to consider when determining a budget. Take a hard look at your finances to make sure you are prepared for a home loan or fix any outstanding issues. When you are ready to rock, decide what your goal is for the home: do you want a great starter home or a fixer-upper that you can flip in the future? What can you afford to pay every month for the mortgage? How much money are you able to spend on bills and fees associated with owning a home? Seems like a lot, huh? Let us help! We work hard to ensure that you have the right answers to these questions and get you qualified for a loan that meets your needs.
#2: The Two Lists
Make two lists: the first being “Things I Want” and the second “Things I Need”. We suggest starting with and paying special attention to the “Things I Need list”. What are the things you won’t budge on when buying your first house? This list will help you work within your price range to determine that the essentials are being met. Do you have a large dog that needs a suitable yard to work out their energy? Maybe put that on the “Need” list. As much as we love relaxing and soaking it all in, a hot tub may be something you relegate to the “Want” list. Once you’ve created your two lists, rank them in order of priority so that it’s easy to just check every box during your search. Bottom line is: be honest with yourself and you won’t run into any surprises!
#3: Location, Location, Location
This is not only an important consideration for your own personal happiness, it’s important as a strategy to help you reach your real estate goals. Where your property is located makes a HUGE impact on the overall value of the house now and down the road. Think about neighborhoods that are up and coming or offer certain amenities unique to the area. Do you want to be a part of a community like a neighborhood cul de sac? Or are you looking for a good amount of land for seclusion & space? If you’re planning on raising your own family then you’ll want to find a school system that works best for you. Do you need your child to be in a private school, or are you willing to enroll in a public school that’s nearby? You can often take location into account on your “Needs/Wants” list if you truly are passionate about where you are moving. If you are an avid mountain biker then it may be you are willing to sacrifice certain niceties to be a 5-minute ride to the trails.
These are just a few of the things you need to consider as you progress towards buying your first home. We know it’s a lot to think about right off the bat however, we’re sure that once you find the answers to these first couple prompts it will make your buying process that much more productive, and enjoyable. We can help you get pre-qualified fast and easy so that start checking some boxes on your list. Get started now so you can spend more time enjoying your blue skies.