You’re single and looking to purchase your first property. There are many factors to explore beyond the obvious considerations of cost. You will, of course, able to afford the maintenance of a single-family home? Will the association fee of a condominium or town home cover exterior maintenance? But wait, there’s more.
First off, you need to decide what type of property will meet your current and future needs. Do you need a single family home or will a condominium or town home do? How many extra rooms are you looking for? Will you need a home office or maybe a room to accommodate a hobby that you enjoy?
Many times, when singles look for their first property, they consider the future, too. Will you want to be living in a larger property when you meet that perfect someone, or are you simply bachelor or bachelorette pad? Some look for the ability to move their own parents in with them down the road by purchasing a single-family home with an in-law suite.
Will you be entertaining a lot? Will that require a backyard for barbecues, or will a condo loft with a beautiful view fit the bill? With condominiums, you also need to keep in mind by-laws of the building. This is a MUST-read prior to purchasing since there may be something you will not agree with but must follow in order to live in the building.
You finally make your choice and put a bid in that’s accepted by the seller! Now what? Inspection time! Any smart buyer will always have the property inspected by a qualified home inspector.
This will ensure that there are no hidden issues or defects. A thorough inspection will also give you the opportunity to get to know the home a lot better than you would otherwise.
You’d be amazed how many homeowners do not even know where the main water shut off is located, which comes in handy when a pipe breaks. Remember your eyes aren’t as trained as those of your inspector!
With only one income to rely upon, you don’t want to be surprised by hidden problems that turn your dream home into a money pit.
Like I always say, consult a qualified real estate professional prior to starting your search. A professional can walk you through the entire process and ensure that you are moving in the right direction with what will probably be the largest purchase of your life.
For more, call 847-292-4700, e-mail email@example.com or visit www.zerillorealty.com.