May 29, 2020 10:54 AM EDT
What to Look for When Buying Your First Home After Graduation
There's so much to think about and consider when moving out on your own after finishing college. You're probably itching to get out of your parent's home after spending four years living on your own.
You finally got your dream job and have been able to save up some money, and now it's time to start looking for your new abode! Investing in a new home is an exciting and stressful time; there are some key things to consider when buying your first home.
We're going to go over all your need to know.
Roofs are not just for the aesthetic of your house. It can say a lot about the condition of the house overall. The previous owner might say, it's just a little leak, but the problem might be much more significant.
A leaky roof in any location should be a red flag. Water in your attic can be damaging the insulation, wood framing, and cause mold. When you live in a home with mold, you could experience respiratory effects, headaches, and the development of asthma states the National Poison Control Center.
Having to replace your roof just after buying a new home can be costly, and you might not be financially ready for this after such a big purchase.
Right Price Range
Buying a home is one of the biggest purchases we make in our lives. Saving up for a downpayment can be a great feeling. You want to make sure that whatever amount you put down and your monthly mortgage bill is within your budget.
When you first get a job, you can assume in a year or two that you might get a raise or advance to a better position, which is excellent. However, you don't know for sure. Having a monthly mortgage amount that's within your means now is important. You can always refinance it later to reduce the interest rate.
When you're thinking about buying a new house, finding the correct location is vital. You want to make sure it's in a spot that will have job opportunities for you now and in the future.
For example, moving to the countryside might not be the best idea if you have a job in the city. Unless you want to commute many hours each day, keep the job market in mind.
When picking the location of your first home, you should also consider how the school system is. Maybe you're not interested in having children now, but it's possible in the future.
Will you want to move to a new home, just for a better school? Make it easier on yourself now and think about this when deciding which town to move to.
Features You Want
Sometimes when getting a new place with a small budget, you pick anything that will do, but you should feel comfortable in your home. If having a yard or a back deck is really important to you, make sure that the houses you're looking at have that.
This is going to be the place where you relax at night, host parties with friends, and possibly raise a family in. Before looking at homes, make sure you think about this and have a list.
The list can be divided into three groups; must have, would like, and doesn't matter. This will make choosing where to move more straightforward.
The Bottom Line
Your first home is going to be a place you remember forever. It can be overwhelming having to make such a big decision.
It would be best if you looked for an updated roof, the right price range, the perfect location, and the house has the main features you want.
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