Starting your lives together as a couple is an exciting time. The home you choose to buy will be one of the most important decisions you’ll make together as a couple. After all, it’s not only where you will be living and building your futures together, it is a huge financial investment.
As fun as the experience can be, it can very easily become overwhelming. Knowing what to look for will minimize your chances of making an unwise investment and will help give you peace of mind in finalizing your decisions.
1. Determine Whether or Not It’s a Good Starter Home
Everyone wants the house of their dreams right from the start. But for most young couples, such an investment just isn’t feasible. You might have to go for a smaller home that is older than you prefer, but if you buy in a promising neighborhood and put the necessary upgrades and maintenance into it, you should be able to build an investment that will help you afford to move closer to your goals later on.
2. Good Bones Are Everything
A home with good bones is what makes the difference between a house with potential and a complete money pit. This is where a home inspection should be almost mandatory to determine the condition of the home. Always check for things like:
- The integrity of the foundation
- The electrical system
- The heating and cooling units
- The age and condition of the roof
- The age and condition of windows and siding
- Any current or previous mold issues
- A history of flooding in the home
These are just a few things that can add up to big bucks for you if you have to fix them yourself. Request to see the paperwork and warranties on renovations and repairs that the homeowners have made and never be afraid to ask questions.
Remember, you’re the one who will be living here and you’re entitled to know every last detail about the home. Don’t make the mistake of skipping out on the home inspection in order to speed up the process of getting in.
3. The Price Tag Versus Your Budget
Sure, hardwood floors and granite countertops are nice. But if it means saving a couple of hundred dollars a month in your mortgage payment, go for the less luxurious features. More money in your pocket means that you can make those upgrades yourself later on. But it also enables you to focus on getting to a good place financially in the larger scope of things, like paying off student loan debt.
4. Check for Hidden Flaws
No matter how well you inspect a home and no matter how many times you walk through it, chances are that you will overlook quite a few things about the home. It’s happened to everyone at some point in buying a home.
After a few months of settling in, issues may surface that you never noticed before. These are things that pass through home inspection because they don’t affect the quality or livability of a home but might become majorly irksome to you.
A few things to add to your list of things to check could include:
- Water pressure
- The natural light that comes into the home
- Windows that don’t open
- Number of available electrical outlets where you need them
None of these things are deal breakers if you find a home that is right for you. But, it’s always worth remembering that in the excitement of house hunting could cloud your vision. Keeping your eyes open for the minor details will help keep you from being blindsided or hit with buyer’s remorse. And you can always ask the seller if they would be willing to fix issues like loose floorboards, cracked crown molding, or windows that don’t open.
Alternately, you’ll want to check for hidden flaws on the outside of the property, too. These can be in the form of things like a neighbor who likes to practice drums at 10:30 at night or uncurbed dogs. The best way to know what you’re getting into is to visit the home multiple times at various points throughout the day.
5. Size Matters
A common mistake that people make when buying their first home as a couple is that the house ends up being way too small or way too big.
Many people plan on only staying in a starter home for an approximate five years, but life and housing markets have a way of throwing curve balls. So make sure it’s comfortable enough for the two of you to get settled in for a few years beyond your plan if necessary.
That said, don’t go overboard and take on two extra guest bedrooms with multiple bathrooms if it’s just the two of you and you have no plans of that changing anytime soon.
Ask yourself these questions:
- Do we plan on having kids in the next 5 years?
- How often do we entertain guests?
- Are we prepared to pay for electricity, heating, and cooling costs for all of these rooms?
6. Is It the Right Neighborhood for You?
Maybe you’ve found the home of your dreams. But if it’s in the wrong neighborhood, then it’s going to quickly lose its luster. To tell if you’re making a move to the right area, ask yourself:
- Are you in a good school district? If you’re planning on having kids while living here, this is a big one. It doesn’t feel as important before you have kids, but after you do, you will regret that you didn’t pay more attention. If you’re not planning on expanding the family soon, then you can definitely save a little cash by moving to a nice neighborhood where the schools aren’t as top notch.
- Are there any decent restaurants, bars, or clubs nearby? Most young couples enjoy an active social life, and having these things in close proximity can be highly desirable. It also means that you’ll probably be surrounded by a younger demographic, rather than an older demographic who might not appreciate the dinner parties you want to throw on the back patio on the weekends.
- Are there enough amenities to suit your needs? Is there are dog park close by for your four-legged family member? If you ride a bike everywhere, are there bike lanes? What about running trails for your morning jog? Keep your interests and needs in the forefront of your mind while you explore potential neighborhoods.
- Is it walkable? Living in a neighborhood where you can walk or ride your bike to do almost everything is unbelievable convenient, environmentally friendly, and cost effective.
Is there easy access to public transportation? Not everyone is able to live right in the hub of a vibrant neighborhood or city. This is when having easy access to a dependable public transportation system can come in handy.
7. Find Out About the HOA or Zoning Regulations
Some people swear by Homeowners Associations, others can’t stand them. There are pros and cons for everyone, so if the house you’re interested in falls under an HOA, then you’ll definitely want to inquire on the rules and standards before you agree to live there. Some HOA regulations are so strict, they control what kind of garbage can you can put out on the curb on trash day. These are things you will want to know ahead of time.
Pets are another thing many people don’t think to ask about when house hunting. Some townships have strict zoning regulations on the kinds of dogs that you can own and how many. And if you have any hopes of putting a chicken coop in the backyard, find out if they’re even allowed first.
8. Getting a Great Real Estate Agent to Back You Up
Being proactive while house hunting is crucial to ensure that you make the best decision for the both of you. However, a great real estate agent can take a lot of the burden off of your shoulders.
Not all real estate agents are created equal, and just because someone is licensed doesn’t mean that your best interests are their best interests. A great real estate agent will be able to help walk you through everything you don’t know or the things you’re feeling unsure about.
And most importantly, you should never feel like you are inconveniencing your real estate agent. Remember, you are paying them. If you don’t feel like your agent is your best friend while you’re house hunting, then find one who can be that for you.
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