If you think that you want to buy a house and you aren't sure what type of house would be the best for you, there are some things you want to talk with your real estate agent about. A lot of people aren't always sure what is all included with home ownership. Not only is home ownership a great financial investment, but it's also a great way to establish yourself in a community. Here are some things to look for when you are buying a house.
Neighborhood and Location
Are thinking of having kids in the near future, or do you want to stay as far away from kids as possible? Express this with your real estate agent so you can either find a neighborhood with a park and lots of families, or to see if a town home or area with lots of ranch style homes may be better. The real estate agent needs to know what you want to live in and who you want to live around before they start pulling listings.
Budget with all Expenses
When you get preapproved from the mortgage company you will have the amount that you can borrow from the bank. Make sure you find out these things from the bank:
- Required down payment amount
- Mortgage application fees
- PMI costs
These will be the expenses that you have to plan for with the bank. Then there are other home owner expenses you want to have added into your budget. You will have to look at the cost of your mortgage with these things as well:
- Homeowners insurance
- Homeowners association fees
Once you have all of these expenses totalled up, you will be able to get a better idea about what your real budget is, and how much you should spend on a home.
Long or Short Term
If this is a starter house and you hope to move into something bigger or better down the road, make sure that you pick a home that will be good for renting in the future. This means having two bedrooms, parking, and other features that tenants or buyers would want if you sell or rent it down the road. If this is a long term home, make sure it has all the things that are on your want list.
Buying your first home can be time consuming, but you want to make sure that you are making a good purchase at the time. Talk with your agent about making a good investment, and getting the house you want.