W ith the housing market looking to be more favorable to buyers in the next few years, it could be time to start saving for a house. You may even be in a position that means you can start viewing properties and searching in general. If you’ve never done this before, then you may not be sure what you even have to look out for. That’s why we have put together this article, to help give those looking for their first home a good idea of what they should consider. Let’s get started.
Ensure The Property Is Structurally Sound
When you’re looking to purchase your first home at some point in the next few years, you should ensure that you are trying to find structurally sound homes. Some homes could become quite dated and have issues. There are some
The most common issue with older homes comes with the foundation. Foundation issues can start with small cracks that can get worse over time. This can be quite expensive to fix in the future, leading to severe damage to the building.
Keep an eye out for cracks in the walls when viewing a property. It’s also worth keeping an eye out on the condition of the floors and keeping an eye out on if the floor is uneven or not. It’s also important to check out the quality of the doors and windows and ensure they can be opened easily.
Consider The Location
One of the most important things you need to consider when purchasing your first home, is where you want to live. This could come down to the specific neighborhood that you have in mind, or you may even be thinking of different states completely.
Most people will stay in the same state they grew up in, but there could be many reasons that they want to move to a new state. Each state has something others don’t, so it largely comes down to what environment you want. Some central states are known for their glorious mountains, and other states are known for their glorious beaches.
Some states have both of these, such as South Carolina. South Carolina is known for its mountains, beaches, historical districts, and various iconic golf courses. For this reason, South Carolina has become a favorable place to move to. You can use services such as
EZ Home Search to help you find homes for sale in the area. These real estate agents specialize in real estate in Greenville, one of the major cities within the state. A city boasting art that spans several centuries and is a city that is becoming more modern.The location is key to consider, and it could largely determine what sort of property you look into for living options. For example, you may look into apartment buildings or penthouses of some kind, or you may be looking for a log cabin in the woods. Specific locations may be more popular than others for specific types of property.
Once you have narrowed it down to a state, ensure you do your research on specific locations, such as homes for sale in TN, which will help you narrow some choices down. It may help you create a list of the pros and cons of some locations, so you can visualize the choice. This may help you realize that something negative about a place doesn’t matter in the grand scheme of things.
Look At The Size Of The Lot
The available space of the property itself is worth thinking about. This doesn’t just mean the physical size of the building, but the available space around the property too. This includes looking at the front yard space, as well as the back yard.
With this space, you should be looking at potential space to expand the building, as well as potential space to improve the exterior areas in general. If you have a minimal size, you may be limited on potential. You may not be fully aware of the size of the available lot from the pictures, you may have to ask the real estate agents and seek documents, to find out the exact available space.
Understanding the size of the lot can help you to make a decision quicker, particularly if you’re stuck between a few similar properties. Improving the property by extending onto the available space allows you to increase the value of the property, which means you could sell it for a profit in the near future.
Find Out The Property History
When you are speaking to your real estate agent to find out more about the total size of the lot, you should also try to find out more about the property history. There are a few different things that you would want to find out that will be useful to know. For example, it will be beneficial to be aware of the previous sale history, seeing how much it was bought and sold for, as well as a record of any work done.
A real estate agent representing a client should have all the relevant documents regarding their property. You can also look to take out a survey, if you so wish so that you can find out as much about the property as possible. This could allow you to find out if there will be much work needing to be done to improve the property to the standard expected.
The
property history documents will have everything you need to know about the property, including all the negative parts. In general, you will want to find out all the negative parts before you purchase, so you aren’t caught out and having to invest more than you expected further down the line.You will legally be allowed to view the documents regarding the property history, as well as any relevant documents to do with its current standing. Your real estate lawyer could be the one to go over the documents on your behalf, as they may be able to spot and interpret things that you might not fully understand.
Start Your Offer Low
When you decide on a property that you want to put an offer down on, it’s important that you don’t fully go all in with your offer. You may feel tempted to go in and put in a high offer, but you’ve got to remember that this is a negotiation, and you shouldn’t start with your highest offer.
This doesn’t mean you need to go in and put a low offer in straight away, as this might not be received too well. Consider your available budget and what you are willing to spend, including your maximum offer. When you are happy with your highest maximum offer, then you should ensure that you aren’t going over this.
Work with your real estate agents and potential partner so that everyone involved in the offer stage is aware of what’s going on. Purchasing a house can be a lengthy process, especially your first one, so you will have to be patient. Don’t worry too much if things seem to be taking a while, as this is to be expected.
