What Are You Looking For In A Home? Part 1: First-Time Homebuyers
We will be starting a three-part series on what you might be looking for in a home. First up are the first-time homebuyers. Building a home, let alone your first home, can be both exciting and overwhelming especially when you have a laundry list of both needs and wants.
- Build for the future
First-time homebuyers should build for “down the road.” As a first-time homebuyer, you might be newlyweds planning for kids or already have children, so you should build accordingly. The general rule is to plan for the next 5-7 years.
- Search for location
If you are just married and planning for a family, this will be a big factor for you when deciding where to build your home. You need to look at things like school district and the type of neighborhood it is. If it’s older, it might have older residents.
- Think about kids rooms
Make sure you are building in enough rooms for the number of children you are planning on having during the time that you are going to be in the home. It might not hurt to build in a toy room to keep your children entertained. When your kids are younger you might want to build in a toy/rec room with storage and cabinets that can easily be transitioned to a library/study space for them as they get older and need less toys and more desk space.
- Keep resale value in mind
Since you most likely aren’t going to be living in this home for the rest of your life, you have to keep in mind the resale value. Are you building a home that not only you like, but another family down the road might like also?
- Don’t overbuild
Don’t spend the time and money building more home than you need for the next 5-7 years. Only design a home for what you need right now.
- Open floor plan
If you have small children, then an open floor plan is probably for you. This allows you to keep an eye on them whether you are in the kitchen cooking dinner or you are in your home office working.
- Overlooked expenses
When it comes to building a home, you have so much on your plate that it is easy to overlook even the smallest detail like additional expenses you forgot to consider. A couple of expenses that tend to get over looked are things like securing a homeowners policy to cover anything that might happen during construction, health department fees for pool or spas you are building, and setting aside funds for additional changes or add-ons you might want to do when the home is complete.
Pitfalls of First-Time Home Ownership
With building or owning your first home, comes new responsibility that most or all first-time homeowners are not accustomed to.
- Maintenance & Upkeep
If you are used to living in an apartment or renting a home, then you are used to just calling the maintenance guy or the landlord to come fix anything that might have been broken and needs replaced. This also goes for lawn care. Like I mentioned, if you lived in an apartment then you are not used to having to mow or do your own snow removal.
- Mortgage Payments
If you have spent your adult life just renting, then you have never had to make mortgage payments on your home. Making these payments on time is crucial in order to keep your house and your credit intact.
Why Is Homestead Great For First-Time Homebuyers?
Homestead Homes is here to provide excellent service and expert advice for home builders at any stage in their life. We can help navigate even the least experienced homebuilders through the overwhelming process of building the home of their dreams.
If you are looking to build your first home, contact us and our experts would love to help you out!