One of the most expensive purchases you will ever make will be a home. Because of this, you want to make sure you buy a home that will fit your needs, not only now, but in the future. Before starting your home search, you should consider a few factors, like:
- Location
- Type of home…condo, townhouse, single family home, etc…
- Homeowner’s Association (HOA)
- Fixer-upper or a move-in ready property
- Number of bedrooms
These factors will help guide your home search.
I took the plunge and purchased my first property in the summer of 2009. Living in multiple apartments in different areas of Atlanta for 6 years prior allowed me to get to know different parts of the city. I knew the decision to buy was “smart”, but I did not want to lose proximity to some of my favorite spots.
One of my favorite websites to search for homes is Realtor.com. You can populate filters based on the below criteria to search for the perfect home!
Location
Because of this, location was key. I wanted to be close to a major interstate to cut down on commute time to work and entertainment. My job and my husband’s job were in totally different areas of Atlanta. We chose a location between the two that we were not familiar with, but was located less than a mile from two major interstates.
The property was also in a great area…less than a mile from a major mall, restaurants and movie theater. I was also taking night classes at the time and the university I attended was about 10 minutes away. I did not have children at the time, but I made sure I purchased in an area with good schools. Whether you are buying a property to live in or an investment property, make sure it is in a desirable location. If you wouldn’t want to live in that location for the next 10 years, it probably isn’t a smart buy!
Type of Home
After choosing an ideal location, we had to decide what type of home we wanted…a condo, townhouse, single family home…. My husband and I had been married about a year when we made this purchase. We were both working and going to school. We did not want to have to cut a yard or maintain a single family home in our spare time. For this reason we decided to look at condos and townhouses. After looking at a few properties we realized we did not like multi-level living so a townhouse was out. A condo turned out to be the best fit for us!
Homeowner’s Association (HOA)
Choosing a condo was the way to go, but it came along with a Homeowner’s Association (HOA). The upside of a HOA is the amenities. We had access to two pools and tennis courts. The pool was great, especially during those HOT Atlanta summers! The downside is you pay a monthly fee and must follow HOA rules. This is very important to consider whether you buy a townhouse, condo or single family home in a HOA community.
If you are buying the property as your primary residence or an investment, you need to think through the financial and practical implications of an HOA. If you are residing in the home, you will need to adjust your budget to include HOA fees. This might change the home purchase price that you are considering. Be sure to carefully read the HOA bylaws to ensure they are rules you are willing to follow. If you are buying an investment property and are financing the purchase, make sure you can make enough money off a rental to cover your mortgage and HOA fees. Your renter will need to abide by all HOA bylaws. If they do not, you will be liable for penalties assessed by the HOA. These are all factors to carefully consider before purchasing a property with a HOA.
Fixer-upper or a Move-in Ready Property
Another factor to consider is whether you prefer a fixer-upper or move-in ready property. A fixer upper can drain time, money and effort, however if you buy the property for a reasonable price, you could make significantly more money. A move-in ready property will likely be more expensive, but you will not have to spend time or money renovating. Due to my husband and my busy schedule, we chose a move-in ready condo that had been fully renovated one year prior. The renovation was very much to our taste and it felt like home the first time we walked in the door.
Number of Bedrooms
Another factor to consider is how many bedrooms you would like. If you are single or a young couple you may consider a smaller property with 1 or 2 bedrooms. If you are considering having children in the future and do not wish to move at that time, you could consider looking at a property with more space and bedrooms, assuming it is in your budget.
My husband and I were living in a 2 bedroom, 2 bath home when I found out I was pregnant with our first child. Although the home had a second bedroom, the living and kitchen area was very small and we did not have a private yard. These were all things that we wanted when we had kids. We had moved into the home knowing we wouldn’t be there long, so when I became pregnant we started looking for a new home. When my son was 4 months old we moved into the home we currently live in. It has a large living and kitchen space, nice yard and extra bedrooms so we can grow our family. Now that we have a second son, the home still fits our needs and has plenty of space for two growing boys!
I hope this has been helpful in your home search and picking a home that fits your needs. What other factors have you considered when purchasing a home? I would be interested to hear about your home buying criteria and how you made your final purchase decision. Please leave a comment if you enjoyed the post!
Stay Blessed,
Jess
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