Settling down can be a nerve-racking time for a family, even more so for those who lack the experience in finding and choosing real estate. The choice you make will have long-term repercussions for you and your family. Without careful planning and preparation, you might find yourself living in the wrong neighborhood, paying too much, or both.
Zero In on the Right Location
Location is single-handedly the most important factor looked at by market participants. It is the impetus that decides whether a property actually has future value and demand or is a risky asset-turned-liability. Start off by pinpointing cities or states you want to live in, whether it’s a beachfront house in California or a condominium unit in New York City. It’s all about finding the right lifestyle and culture that will fit your family.
Research Numbers
Once you’ve narrowed down the choices by location, further narrow it down to choices that are within your budget. Paying off a 15-year mortgage is burdensome to say the least. To avoid defaulting on future payments and damaging your creditworthiness, research hard numbers, particularly how much houses cost in the areas you are considering buying from. The average cost of housing in the U.S. vary widely, California at $448,000, New Jersey at $282,500, Colorado at $279,000, Tennessee at $130,000, and so forth.
Seek Professional Help
Brokers, real estate agents, relocation specialists, whatever you want to call them, the important thing is to seek outside help. Buying a home is a big-ticket item compared to buying a flat screen or the new iPhone. Real estate companies like Berkshire Hathaway HomeServices PenFed can help you find a property that is actually congruent to your lifestyle, future goals, and current financial stature.
Leave Allowance For Future Growth
Your family may grow in the next five years or so as you have more children and grandchildren. Look for a home that can accommodate future demand for space as well as changes in lifestyle. For instance, you may be in the market right now shopping for a cozy house just for you and your spouse. What if you get children and pets? Can the property adapt to your needs?
Consider Both Old and New
The feel of a new house is inexplicable, but it doesn’t always have to be the case. Old properties may prove to be a more ideal fit for the value-oriented buyer. Shop for old houses that have integrated features and amenities that you like or may prove to be useful in the future.
Finding the perfect home takes time, effort, and relentless bargain hunting. You’d want to invest every dollar at a house that feels homey, safe, and a great nest for your family.
