Buying a home is one of the biggest financial decisions you will ever make, but it is also one of the most rewarding. When you are finally ready to buy you may be setting your sites on a permanent home where you can put down roots and make a lifetime of memories.
There is a caveat for this post at the current time. Inventory is still quite low and there is a lot of competition, but the home buying process remains the same. You never know when the stars will align and the right home will come your way.
When starting out you may be restricted in your choice. Your first step will be to talk to a lender who will determine your buying power and hence the price range in which you should be searching. But don’t be put off by homes within your price range. One or more of those homes may still end up fulfilling your dreams.
You will often see a home in the lower price range described as a “starter home”. Many of these may be a home sold by the original or a long-time owner. Don’t be put off by first appearances, which may be the pictures on the internet. You cannot improve the location, but the home itself is another matter. If you like the location tour the home and keep an open mind. Does it have good bones? If it is too small for you at present, is there room to expand? You may hate the lime green carpet and velvet wallpaper, but in the beginning you can change the cosmetics before you move in. And over the years you may be able to make the home your dream home. Here are some things you may want to consider during your search. Also in the lower price range you will most probably be competing with investors who are looking for homes the can renovate and flip for a profit. Don’t be disheartened; often you will be able to compete with them on price as they are looking for “a deal”. And if they see a home that has potential then you should be able to also.
When you start searching for your first home you may have a picture of the ideal place in your mind. What you can afford will determine what you will end up buying, but maybe that first home has the potential to grow with you over the years and end up being your dream home.