Important Considerations for First Time Home Buyers (Part I)

This is the first of many posts from Richard Simon, co-founder of Realty AZ Central. Richard is a new addition to our team of financial experts at FiscallySound.com and his expertise is in the fields of real estate and home mortgages. Please make him feel welcome and say hi in the comments below.

Buying your first home is an exciting step toward getting your piece of the American Dream. Moreover, today is one of the best times in history for home buyers. Rates are as low as they are likely to ever get and home prices are still reasonable, so now is the time to go after it…provided you have all your ducks in a row.  Before you start shopping for a home for the first time, there are some important things to consider. These include:

1. Know the kind of house you want

Before you start looking, figure out what kind of structure will be the best fit for your situation. For example, if you are single you may want to opt for a condo or townhome with lower maintenance. If you have a family, you may likely be searching for a single family home with a yard for the kids to play in.

2. Decide what your home should look like

Along the same lines as #1, before spending time looking around, figure out what kind of features and amenities are essential to you. How many bedrooms/bathrooms do you need? Is a master suite important to you? Perhaps you need a finished basement for an exercise room or home office. Write down everything you are looking for in your ideal home.

3. Find the right neighborhood

As important as the type and details of your new home, the neighborhood it is located in just as important. If you already live in the local area, you should have some idea of which neighborhoods you might deem acceptable but some further research may be necessary to make sure you land in the area that’s right for you. Ask around with friends and family and do some research online on schools, crime rates, etc. With some good due diligence, you should be able to find your ideal neighborhood.

As you can see, there is a lot involved in purchasing a home. I hope you come back for part two of this blog post, and in the interim, I invite you to visit our website and check out our free home buyer eCourse.