Buying a house is an intense and exciting process, especially for first-time homebuyers in Michigan. However, letting emotions drive your decision-making can lead to making a choice you may regret years down the road. Having a system for evaluating potential properties can help you keep your feet on the ground. The following are some valuable points to consider when looking for a new home, according to the experts at Waymark Homes.
Before you start looking for a house, it’s important to know not only how much money you can borrow, but how much you can realistically afford to pay out every month. When considering the cost of owning a home, factor in not only the principle, interest, and taxes but also home maintenance and repairs, the commute to and from work, and the cost of utilities. Home repairs come up suddenly and are sometimes very expensive, so it’s important to have savings set aside to cover unexpected problems.
Another thing to consider is the resale value of the house you purchase. Most people end up relocating as their families grow or shrink, and at some point, they need to be able to sell the house in a reasonable amount of time. Consequently, if you buy a house near a busy street, which is dangerous for children, or in a neighborhood full of renters, you may have a long wait when you’re ready to sell.
When shopping for a house, make a list of absolute requirements and other features that would be nice to have. When viewing a house, take a copy of the list and check off what you find. It’s also a good idea to take pictures because it can be easy to forget the individual features of multiple houses. One thing to bear in mind is that when homes are staged for viewing, the staging can be distracting or even misleading. Try to focus on the layout of the space rather than the interior decorating.
Finally, if you purchase a home in a neighborhood that has a Homeowners’ Association (HOA), make sure to read the HOA contract carefully. Some contracts may limit the number of cars or pets you can have, and some may stipulate that no home in the neighborhood can ever be rented out. Make sure you know what you’re getting into. Click Here to learn more tips for first-time buyers from Waymark Homes.
