This is what you need to consider when buying a home.
If you’re ready to start your home search, here are the factors to consider to find the home that best fits you and your family.
First, how long do you expect to be in the home? The average American stays in their home for approximately 10 or 11 years, while the average mortgage lifespan is seven years. That said, appreciation is key if you’re thinking of your home as an investment. You should be thinking of your home as an investment because it makes life so much easier if you sell it and have that cash in your possession instead of having to start over. If your home is an investment, you want to find a location that will help it appreciate in value and offer the amenities you’re looking for nearby (jobs, schools, churches, etc.).
Next, what needs do you expect your property to fulfill for you and your family? Will those needs be met so you don’t have to sell too quickly? It’s best for people to stay in their home for that seven- to 10-year range because again, it helps your appreciation compound over time.
When you’re in a house that long, though, you’ll also need to look at what kind of maintenance it’ll require. For example, different siding types go bad at different times, and this type of thing affects your home’s appreciation.
Lastly, consider your price point. Given our current demographic situation in America, there are more first-time buyers and starter homes out there. What can you afford if you’re a first-time buyer instead of, say, a veteran homeowner with more cash saved up?
As always, if you’d like to talk more about finding the right home in our market or have any other real estate questions, don’t hesitate to reach out to me. I’d love to speak with you.