Did you know that, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, there were over 800,000 new houses sold in April 2021? Back in April 2020, this number was lower, at over 500,000.
If you’re among many of the Americans buying a home, and this is the first home you’re buying, then you might be feeling both excited and nervous.
After all, even though you’re about to embark on a new stage of your life, you might not be sure about all the different things you have to think about when buying your first house.
If you don’t have this information, you might feel stressed about buying the wrong home or spending too much money.
That’s why we’ve put together this article. In it, we’ll review the top major factors to consider when buying your first home.
Finally, you can move into your new home knowing it’s the best home for you. Read on to learn more.
1. The Downpayment
One of our home buying tips is to consider the downpayment you’d be required to pay to buy the home. Figure out how much you can afford so that you can find homes that are affordable to you. Otherwise, you’ll look at lots of houses that are out of your price range.
2. Interest Rates
You need to make sure that interest rates are such that you can afford to pay back your mortgage every month. Additionally, you need to decide whether you want a floating-rate mortgage, where it varies over time, or a fixed-rate mortgage.
3. Additional Costs
Another one of our tips for buying your first home is that you have to consider the additional fees. These might include utility bills, insurance premiums, and property taxes. You need to budget for these to make sure the home you’re thinking of buying is actually affordable.
4. Location Benefits
When it comes to tips for buying your first house, one of the most important ones is thinking about the location benefits of the house. Is it located in an area with great schools? This should matter if you’re planning on having your first family in your home.
Additional location factors to consider are what the community life is like and whether you’re close to where jobs or shopping areas are.
5. Your Needs
Finally, you need to think about your own needs. How many rooms does the home need to have? How long do you plan to stay? Are you thinking of renting out part of it, building a deck, or finishing a basement? These will all impact the home you choose to buy.
Need Help Finding Your First Home?
Now that you’ve learned about the top major factors to consider when buying your first home, you might have found that you want some help finding your first home. Fortunately, you need to look no further than the Liz Luke Team of Long & Foster Real Estate.
We’re experts when it comes to finding your first home in the Alexandria, VA area. We have many resources for buyers, including information on the neighborhoods in the area.
To learn more about how we can help you, talk with a real estate expert now.