Starter Home “Must Haves” to Consider

So, you’ve made the decision to move out on your own and make your first big purchase. Whether you’re moving out of your parent’s basement or transitioning from an apartment, the process of buying your first home is new and often frightening. There are so many ins and outs that need consideration when making a purchase as big and important as buying a home. From loan preapprovals, to paint colors, it seems the decision process for your starter home can be a never-ending process. With help from our Charleston Real Estate Guide, here are three things you should focus on when deciding on your first home.

Price
The price on your home is hands down the most important point that should be made when looking for a starter home. First time home buyers are more pressed to come up with the proper financials as they do not typically have equity or trade up buying power that a previous homeowner would have. When looking for an affordable home, it’s important to pick a price tag and stick with it. Know what you can afford and do not stray from the budget. Many people try to push to the maximum end of their budget and often regret it. Be reasonable. It’s your first home.

Location
As cliché as it may sound, a good location is important when choosing your first home. The location of your home affects the price you will pay as well as what you can ask for when it comes time to think about resell value.  A good neighborhood means stability. Manicured lawns, well-kept homes, and limited for sale signs means long-term and happy residents. Properties in good locations are more likely to retain their value, so keep this under consideration.

Maintenance
The upkeep (or lack thereof) on a home can greatly affect future housing costs and the longevity of the property. Many people will tell you that your starter home should be a “fixer upper”, but that is not always true.  Big items, such as the HVAC unit, the foundation, roofing, and even pest infestations need to be properly monitored, maintained, and should not be an inherited problem for any homeowner. These problems require large amounts of upfront cash in order to be resolved before you can move in. Always enlist the help of a trusted inspector before signing anything or making a decision on a house.

 

First time home buying is an exciting time. With the proper tools and help in place, you’ll find the best starter home for you and begin to build your new life.