In the world of real estate, people have many different reasons to buy a house. People looking to buy a starter home are known as first-time home buyers, while other people are looking for a forever home they can live in indefinitely.
Why plan to move a lot when you have the option of combining your first home with your forever home? Buying a first home can be intimidating, but when you combine the idea with the home being a forever home, you can imagine a place where you happily live out the rest of your life.
As you shop for a first home and forever home, you should look for multiple things. Understand the various options so you can select the best home to fit your needs and create something you can live in for numerous years.
1. Location and Space
The life you lead now may be very different in five or ten years. As you shop for your first home, ensure the house stays your forever home by choosing a location with plenty of room to grow. You may have pets, roommates, and children over the years.
Consider purchasing a home with extra bedrooms. For the time being, you may use the bedrooms as guest rooms, storage, or office space. You could even turn a whole room into a walk-in closet. The space will not be wasted if there is room to grow in the future.
As you plan on adding more people to your life in the home, bedrooms are not the only consideration. Look for homes with multiple bathrooms. Multiple full baths will make the flow of the home easier as people need to shower and complete morning routines.
Room to grow may also include the exterior of the home. Look for a lot with extra land. The land may even include trees or undeveloped wooded areas which can be changed in the future. A vision of future changes to come may make a big difference.
3. Upgrades and Features
As you shop for a home, you should consider future expenses and purchases down the line. A lot of changes happen to a home along the way in 20 or 30 years. As you shop for homes, look into specific information on the appliances and features of the home.
For example, how old is the roof? A roof replaced five years ago will be vastly different than a roof replaced twenty years ago. On the interior of the home, consider big components like the furnace. A furnace has an average lifespan of 15 to 20 years. Is the furnace something you can afford to replace right away or something you hold off on?
The same goes for any appliances included in the home. If no appliances are included, then you will not have to worry about replacing them and can start off with a fresh set of appliance options.
3. Mortgages and Time
As you chose your first home, you need to consider many options if the house will be your forever home. If you want the house paid off as quickly as possible, then consider a 15-year mortgage. In 15 years, the house will be fully yours, and you will have a little more flexibility when considering finances in the future.
A 30-year mortgage also gives you the option of extending your payments and having a lot more time to pay off the loan. In some circumstances, you may be able to get a 40, 50, or 60-year mortgage option. As a firsttime home buyer, the ability to extend the payments have little monthly fees will help you save for other costs in the long run.
As you plan your home buying experience, contact us at Cornerstone Residential Mortgage
for information on getting an approved mortgage and understanding various rates.
