10 Important Factors to Consider When Purchasing Your First Home

The home-buying process can be stressful and time-consuming, especially if this is your first time doing it! Luckily, the help of your realtor and these ten important factors will make the process easier and ensure that you get the right home for you. Whether you’re looking to buy in the city or in the suburbs, there are plenty of tips in this guide that will help you find the perfect place to call home!

10 Important Factors to Consider When Purchasing Your First Home

1) Location

Location is the most important factor in buying a home. If you are going to be commuting long distances every day, it might not make sense to buy a house that is far away from your job. That being said, if you want more bang for your buck when it comes to a school system or quality of life, then you might have to compromise on location. . You can live in one neighbourhood and work in another. The point is this: choose what works best for you.

2) Size & Layout

Consider the size and layout of your new home. Think about how many people will live in your new home. A three-bedroom, one-bathroom house might be perfect for a family of four but not for a single person or a couple with no children. Take into account the amount of floor space needed for each room as well as storage space. Keep in mind that you may need more space if you have young children.

3) Budget

Purchasing a home is one of the most significant investments you will ever make. As such, it's important that you do your research before making an offer on a property. Not only will this help you set expectations for the expenses associated with the purchase and upkeep of your new home, but it can also save you from making decisions that could lead to future problems down the line. For example, did you know that there are currently over 3 million foreclosures in America?  And if you're not careful about the condition of your new home when purchasing it, these numbers may be higher in the near future.

4) Maintenance & Upkeep

Although it's easy to get excited about the prospect of owning your own home, there are a number of important considerations that you'll need to make before buying your first home. One of the most important factors is how much time and money you're willing to spend on maintenance and upkeep. Homes require regular maintenance and upkeep in order for them to remain structurally sound. In some cases, this can mean hiring a contractor or handyman on a monthly basis. It also means maintaining an emergency fund so that when an issue arises, you don't have to use credit cards or personal loans as leverage. You should also consider whether or not you want to hire a property manager so they can help with these tasks instead of doing it all yourself. If you don't feel comfortable with these types of obligations, then purchasing your first home might not be right for you at this point in your life.

5) Resale Value

This is the value of your home when it is sold again. For instance, if you buy a house for $200,000 and after three years the price of houses in the area has gone up to $250,000, then your resale value would be $200,000. Resale value does not affect how much you pay for a house but it does affect how much equity you have in the property. The higher the resale value, the more equity you will have. You may also be eligible for some tax deductions with regard to mortgage interest on your loan.

6) Neighborhood

Choosing a neighbourhood can be an important factor in buying your first home. You want to be sure that the area is safe, and has good schools and public transportation, among other things. It's important to research neighbourhoods so that you can find one that suits your needs. If you don't have time for this task, there are people who do it for a living. They will ask questions about what type of house you're looking for, how much money you want to spend on a house and what kind of area you need (i.e., close to work or near shopping). These professionals know everything there is to know about different areas and will provide valuable information as well as connections with potential sellers/builders.

7) Schools

Purchasing a home can be an overwhelming and daunting process for the first-time home buyer. There are many factors that need to be considered before deciding on a place to live, such as location, school district, cost of living and more. 

The following is a list of 10 important factors you should consider when purchasing your first home: 

  1. Location - Location is probably the most important factor because this may determine where you want to live and what type of neighbourhood you wish to live in. 
  2. School Districts - It's also important to look at the surrounding area around your desired location. If there are schools nearby then it might be a good idea to find out which districts they belong to so you know if they have any desirable qualities or not. 
  3. Cost of Living - You should also take into account how much it will cost to live in the community and whether the amount you'll pay each month is affordable. 
  4. Rental Income From Second Residence - A rental income from a second residence can help make monthly payments more manageable while allowing homeowners to potentially earn extra income.
  5. Parking Spaces - Keep in mind the number of parking spaces needed for both cars and recreational vehicles. 
  6. Safety Features - Consider things like security systems, fences, gated communities and other safety features that can come with some communities. 
  7. HOA Fees/Possible Association Dues - Research the property taxes and HOA fees as well as possible association dues ahead of time so you know exactly how much maintenance fees will be going forward. 
  8. A number of Bedrooms Needed - Be sure to take into consideration how many bedrooms you need and try to plan accordingly. 
  9. Pets - What kind of pets do you have? Do they require space outside? Will they be happy in the new environment? Pets are another important consideration when deciding on your next home purchase. 
  10. Community Amenities - Think about what amenities are available and assess their value based on their proximity, benefits provided and costs associated with them.

8) commute

It's a major decision and you'll be investing a lot of money so it's important that you make sure you're making the best investment for your needs. One thing many people don't consider is their commute. If commuting takes more than 45 minutes in each direction, you may want to think about living closer to work or finding a job in the city where you live. You should also look at how much time, energy and resources will be required to maintain your property on a monthly basis. Is there a yard? Do you need to take care of plants or pets? How close are the neighbours? Are they noisy or friendly?

9) Access to Amenities

If you live in a rural area or have a long commute, access to amenities may not be as important. But if you're living in an urban area or don't have a car, this is something that's worth considering. For example, do you want the convenience of being able to walk out your door and grab groceries at any time of the day? Is proximity to restaurants, public transportation and entertainment important? Do you need easy access to gyms, pools and spas? Make sure these considerations are taken into account before making an offer on a home.

10) Timing

Even if you're not quite ready to buy a home, it's important to familiarize yourself with the process and understand what you need. A good place to start is by looking at some of the factors that are most important in buying a home. Ten Important Factors to Consider When Purchasing Your First Home: Timing  Price Range