Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

7 Things to Consider while Buying Your First Home

By Ashokalion Subscribe to RSS | July 12th 2012 | Views:
loading
 
  



Owning a home is a matter of pride for every American. Recently, real estate market is booming in Texas especially in cities like Houston and Dallas. The rising cost of rent is one of the major factors propelling the renters to consider entering the real estate market to buy homes.

As a first time home buyer, you should consider few factors so as to make the right decision. Besides considering the style, size and price, there are few important things that you should take into consideration so as to decide which house would be the best option for you to buy.

1. Consider your financial situation: Before purchasing a home, you should calculate your budget in order to analyze if you would be able to pay the mortgage on time. It is also imperative for you to analyze if purchasing the home would affect your lifestyle. You should also work to save extra for those emergency situations arise and you have to pay mortgage without a stable income (job loss, illness, etc).

2. Affordability & Stability: You should always look for a deal that is affordable for you. But at the same time, you should be stable enough to live in the home you have purchased for minimum 10 years. This is why home owner should consider reviewing their budget for a short term perspective as well as longer term horizon (1 year, 5 year, or 10 years out).

3. Location of the house: Location of the house plays a key role in deciding the resale value of the house. A home buyer should carefully consider the location of the home you are planning to purchase is closely located to schools, parks, restaurants, and shopping complexes. Those amenities are what will make a home very attractive to future buyers. Also, you should do research for information on the neighboring areas for the crime rate and what kinds of crime happen in your community..

4. Renovation cost: After purchasing a home, you may enhance its curb appeal by renovating and redecorating it. Before you purchase a house, ensure that you are ready to bear the expenditure involved in upgrading the house. You should factor these kinds of projects and cost (assume 10% to 15% then estimates for the unknown issue) and add those into your budgets that you prepare.

5. Check the utility bills: The best way to decide if you can afford a home is to check the existing utility bills that the seller had to get an idea on the amount you would be spending each month on utility bills.

6. Consider all the available options: There are many things to consider about the kind of home that you will want to buy. For example, buying a smaller house requires less home maintenance, but if you have a big family; then, it would be better opting for a house with more living space. Buying a newly constructed home will involve least renovation compared to an existing old home, but newly constructed homes are higher priced. For those who cannot afford the higher prices of newly constructed homes, buying an old home proves to be the best option for them, but they may have to compromise on their entire wish list to do so.

7. Get Property Inspected: Before buying the house, hire a licensed inspector to help you check the nooks and crannies of the home to ensure that there are no visible major issues. Also, make sure that you visit the house at different times during the day. A house that seems to appeal in daylight might look dull in the evening. Purchasing a home is an important decision and a major landmark in your life. Taking a hasty decision while choosing a home can prove to be disastrous; and you should take enough time before rushing into anything. Ideally, a first time buyer can get the assistance of a real estate agent in order to purchase the home that matches their needs and desire.

Ashokalion - About Author:
Jay Raman is the broker of record for The Lion Real Estate Group, a Houston and Dallas area brokerage focused on working with investors and homeowners buy, lease, or sell their property. Jay and his team have been in the Houston investment property and association management business for the past 6 years and manage over 160 residential (single family home) properties in Houston and Dallas as well as several associations. To get more great articles or ideas, you can also visit the Lion Real Estate Group’s Website, Facebook or Twitter Account.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/real-estate-articles/7-things-to-consider-while-buying-your-first-home.htm

Related Real Estate Articles Subscribe to RSS

Penang: the property hotspot in real estate Malaysia
Published by Jeevan Nanthan on April 6th 2012 | Real Estate
Also, the high end condos and homes at Batu Ferringhi and Tanjong Bungah have helped in making Penan...
 
London property market expected to defy national downward trend
Published by John M. Alcorn on February 27th 2012 | Real Estate
It is booming and blooming in the UK property market if you know where to look. Activity in the prop...
 
Why you should rent a property for your family?
Published by Andy Wagon on February 15th 2012 | Real Estate
To determine which properties are good indeed quite difficult, especially when some properties are n...
 
The Roller Coaster Ride of Rental property Dubai
Published by Mark Castellino on December 1st 2011 | Real Estate
The best way to start up any business in Dubai is to find out the best location first then go for th...
 
Locate a property in Kolkata of your Choice
Published by Simmie on November 30th 2011 | Real Estate
Looking for a property in Kolkata? Ever looked up a classified ads web portal in the property sectio...
 
Letting agents and property to let
Published by Glyn Jones on December 6th 2011 | Real Estate
With the estate agents investing in the real estate market becomes really very easy. This allows you...
 
Relying on the property solicitors is must and knowledge to be acquainted with
Published by Hemton Thomas on February 4th 2012 | Real Estate
The majority of people put their property on the market with property solicitors....
 
Best price property for sale in Mumbai
Published by Andy Wagon on February 14th 2012 | Real Estate
Owning a home is more than one can indeed serve as an investment in the future, especially if house ...
 
Buy your strata management property
Published by Chris Whelan on November 28th 2011 | Real Estate
Buying strata management property will save your each month rent, which become costlier day by day. ...
 
The contribution of property management companies of Dallas
Published by Nishaidhijames on August 10th 2012 | Real Estate
A city which is located on an area of 343 square miles with about 1,299,543 of population and also t...
 
Lease your property for commercial strata management
Published by Chris Whelan on January 25th 2012 | Real Estate
Everyone should follow some qualified process during leasing their commercial strata management prop...
 
Sell property on the internet
Published by Glyn Jones on April 23rd 2012 | Real Estate
Internet estate agents make it easier, faster and more convenient for property owners to sell their ...
 
Delimitate facilities with affordable investment in residential property
Published by Bhubaneswar Property on May 14th 2012 | Real Estate
The most prime factors for choosing flat at Bhubaneswar are very good communication, close to IT Sec...
 
Real Estate property in jaipur, Rajasthan
Published by Mohit Singh on May 29th 2012 | Real Estate
RealPropertyIQ has seen development in real estate but the real estate pundits proclaim by everythi...
 
Assistance from a good estate agency is essential in property investment
Published by Glyn Jones on January 4th 2012 | Real Estate
The estate agents can help you with the property dealings. They can make it really very easy for you...
 
Know about property management in Marlow
Published by Ricky Charles on January 4th 2012 | Real Estate
In most parts of the world, property rates are going up and people who have invested in property are...
 
Get best property deals through web portals
Published by Maaya on May 15th 2012 | Real Estate
It has become a trend to buy and purchase the property in metro cities, thickly populated and it als...
 
Real Estate Agent can be a good Profit maker for your property
Published by Mayank Gandhi on February 28th 2012 | Real Estate
feedbackhere.com: We provide easy to find Real Estate Agent for consumers vendors to make searching ...
 
Mumbai property price is not expected to fall in near future
Published by Prop Tiger on July 18th 2012 | Real Estate
This normally happens throughout the end of quarter, as a result of some loans are falling due for r...
 
Port Washington property a true place to gamble your money
Published by Jack Smith on July 17th 2012 | Real Estate
People are ready to gamble their money, but everybody wants to make good money from their investment...