Whether it's your first home or the last one you plan to occupy, the process of buying a home can become overwhelming. There are so many factors to take into consideration, such as the neighborhood, whether you want to live in the city or the suburbs, the size of the home, schools, if you should choose a single-family residence or condominium, and whether to go with new construction or a pre-existing dwelling. The good news is that the economy is on the upswing, making it a good time to buy a home.
New Construction or Pre-Existing
There's something exciting about owning a home that no one else occupied. The newness and fresh smells of wood and new paint on the walls are enjoyable. However, that, too, can become a challenge. It involves finding a lot to build on and then hiring a contractor and crew to build the home to your specifications.
If you have experience in construction, you can do some of the work yourself, alongside the company you hire. However, you run the risk of becoming injured and then, as a reward for your help and effort, you may spend the rest of your life disabled or on disability for an extended time. If this should happen, you can hire a construction accident attorney who can help you recover lost wages and monies for your pain and suffering, as well as the loss of quality of life.
A pre-existing dwelling is already there, and even if it needs a little bit of work, if you like the layout, it's something that you can customize to your specific taste over time.
If you live on your own, the location is not as crucial versus your having a spouse and children to take into consideration. When raising a family, you want a home in a safe neighborhood with good schools, and things like parks and shopping nearby. You also want to have a place for children to play, which includes a backyard and sidewalks on which to ride bikes or skateboard.
Size of the Home
A condominium works quite nicely for a single person or a couple who doesn't plan on having children. However, a single-family home is a better fit for a growing family. If you have one or two children and plan on having more, make sure that the house you buy has extra room to spread out. A finished basement, for example, can provide not only a spare living room but also can turn into a bedroom and extra storage space with just a few modifications.
In most cases, buying a home involves compromise. Before looking for your first home, make a comprehensive list of the things you must have, such as two bathrooms. Then make another list of the things you would like to have such as a pantry or walk-in closet. It's also essential to have a pre-approval letter in hand. Then, when you see each home, you can check off the necessary items and then check off some of the things each one has that you would like.
Finding the perfect home is possible. Before contacting an agent, though, you and your family should take some time to decide on where you would like to live, the type of home that works best for all of you and to make a list of the things your new home absolutely must have. Sure this is a lot of work, but in the end, you'll make the process easier and faster for everyone involved.