Are you thinking about buying a home? It’s a big step. There is a lot to consider, and it will likely be the most significant financial decision you make in your life.
Do you know what to look for? Are you going to pick a new build or a used home? How many bedrooms do you need?
If you feel a little unsure about this huge life decision, keep reading! We’ll let you know some tips for buying a used home and what you should be keeping an eye out for.
1. Buy a Home You Can Afford
This is likely one of the most important tips for buying a home.
Think about the state of your finances and what the future may bring. For example, are you going to get married? Are you thinking of leaving your job? What if you get let go? Will you still be able to pay your mortgage?
These are things you need to take into account before you make a decision.
Chat with your mortgage company to fully understand what they are offering and maybe bring up some worst-case scenarios. You want to have a complete picture before you make a decision.
2. Is It a Used Home?
Buying a used home comes with a ton of advantages. First, they are usually more central than newer developments and already have established neighborhoods that can be attractive for families.
If you buy a used home, they tend to be more affordable. If they need renovations, you can budget for that when you are figuring out your mortgage. Companies like Higgason Homes can help you with any remodeling needs and make it your own.
Have a good think about the location of the home you’re buying. Will you still be happy with the half-hour commute five years from now?
What is the neighborhood like? If you’re planning to have kids, do you know what school district you’re in?
Stuff like this may not immediately come to mind when purchasing your first home, but this is an investment for your future. So it would help if you planned for it.
4. House Size and Lot Size
You should examine the size of the house itself and the lot that your home is on. Consider what number of bedrooms and bathrooms you need and the overall square footage. Do you want a lot of room, or is a little bungalow enough for you?
Many people also don’t think about the size and shape of the lot their home is on. If you don’t want to cut a ton of grass, you should understand the type and size of the lot you’re getting before putting in an offer.
5. The Exterior
Making sure the roof and the exterior of your potential house is in good shape can save you a headache and a ton of money down the road. However, a roof is quite expensive to replace, so if you need to do that a year or two after buying. Remember that is an additional expense.
Keep These Tips in Mind When Considering How to Buy a Home
Buying a home can be an exciting process! It’s a big decision but a gratifying one as well.
If you want more information on how to get your finances in shape before buying a used home or a new one, check out the rest of our blog! You’ll find everything you need to know about finance and real estate to make an informed decision.