All of us probably have an idea of what we want in a home. Some want a big backyard with a pool, while others dream of having a massive property with at least six bedrooms. We all desire picture-perfect houses, but the truth is that some of our wants do not match our reality.
Home buying nowadays is all about finding a property that suits your situation, including your budget, goals, needs, and preferred location. As homeownership is substantial financial responsibility, it is essential to get real with what works for you.
In Guilford, it all starts with getting a mortgage pre-approval from home loan companies and creating a budget. Keep in mind, however, that your preapproved amount is the absolute maximum of what the lender can allow you to borrow. It is best to set a budget below that amount so that you can avoid financial hurdles in the future. Choosing the highest loan amount possible or going a little over it can only increase your risk of being house poor.
A Starter or Forever Home
When choosing between a starter and forever home, you need to consider where you are now and what your long-term goals are. Are you satisfied with your job or do you see yourself changing careers in the future? Are you single but are planning to get married someday? Or are you married and planning to have kids? Where are you professionally and personally?
Your chosen home, for the most part, should support your current situation, as well as the things you want down the line. If you don’t have any clue about what you want or where life is taking you, it is probably best to choose a starter home. If you, on the other hand, have solid plans for the future, a forever home might be the best fit.
Fixer-upper or Move-in Ready
While renovation TV shows make it fun and exciting to transform fixer-uppers into a dream house, this type of property is not for everyone. Apart from involving lots or work and additional costs, it also takes several weeks or months to make the house move-in ready. Also, you need to be aware of the scope of the work and make sure that your finances can cover it.
If you know nothing about renovations and DIY jobs, it is best to stick with a move-in ready property. It can be pre-owned or new and usually comes with lower maintenance costs. Move-in homes can be valued at a higher price, but remember that they don’t require a significant overhaul or expensive repairs.
Types of Homes
There are many types of properties offered today, and sometimes, your choice depends on where you are buying. Condominiums, duplexes, and townhomes are common in urban areas and are a popular choice for those looking for a starter home. You can also find single-family homes in urban areas, but they tend to be more common in suburban areas.
If you are leaning toward condos and duplexes, keep in mind that you are likely to be sharing walls with your neighbors. If you are not fine with this setup or if you value your privacy a lot, a single-family house is probably the right choice for you.
You need to consider many things when choosing a home that works for you and your family. It is best to do your homework and get the help of a reliable real estate agent to learn more about the process of financing and buying a home.