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Did you know that single women make up the USA's second-largest group of home buyers? Roughly 20% of people looking to enter the property market are women who will be living in that home on their own. The notion of waiting for a partner before taking the property plunge has officially gone out the window.
Buying your first house is extremely exciting, but it can be daunting as there are many things to consider. If you're ready to strike out on your own, here are some tips to help you pick the perfect property.
Let’s get started:
1. Research Your Neighborhood
Where you're going to live is just as important as the house itself. You must find a place you feel comfortable in – it's safe to be on your own, has the amenities you like, and is convenient for work.
Before you even start looking at properties, do some research on the areas that you'd like to live in and get a feel for them. Then, you can let estate agents know you only want to look at properties in these suburbs or areas. There's no point in finding a place that you love only to discover that you hate the neighborhood - or worse - don't feel safe in it.
Ready to find your dream home in Denver?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents.
2. Take Charge Of The Numbers
Buying your first property can be quite a steep learning curve. The financial side has a lot of different elements to it and can be pretty overwhelming. Take the time to research the costs involved with taking ownership of a new home, as well as how your mortgage will be structured in terms of interest and repayments.
The good news is there are plenty of resources online and courses you can take to help get to grips with the numbers. You can draw up your budget, create projections, and make sure you know exactly what your financial obligations will be once you've signed on the dotted line.
Once you have a handle on money matters, you can confidently talk to brokers and estate agents. You'll know the right questions to ask in terms of the costs involved and hopefully avoid any major surprises.
3. Build An Emergency Fund
While we're on finances, an emergency fund for your property is essential. Start building it even before you transfer to your new home. As the sole owner, all the responsibility for caring for it will lie squarely on your shoulders. There's only your income to take care of any expenses, and as any homeowner will tell you, these always arise when least expected.
It sounds scary, but it's essential to think this way. Unforeseen expenses in home ownership can be very pricey and generally need to be fixed immediately. Your hot water geyser could burst, a tree could take out your fence, your wiring could go on the fritz, and the list just goes on.
Ready to find your dream home in Denver?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents.
When building your emergency fund for your home, put it into a separate account if possible, but make sure that it's liquid and quick to access. You should consider having enough to cover at least two unexpected expenses from the fund at any given point. Hence, you have time to replenish it without worrying about another emergency coming up.
4. Have An Expert Evaluate The Property
Never say yes to a home without having an expert you trust; check it first.
Getting an evaluation from a trusted estate agent you've built a relationship with is good, but getting one from someone you're paying to be on your side is even better. An estate agent can't legally sell you a property without disclosing every detail about it, but a third-party evaluation will put your mind at ease.
Make sure they take the time to check the foundations of the building, the drainage in the garden, the plumbing, the wiring, the state of the interior walls, and if there is any rot, mold, termites, or other kind of long-term damage. None of these have to be deal breakers for you, but knowing about them before you buy allows you to figure out how much work you'll need to put in before or after you move in. Plus, you can work out if those repairs are within your budget so there are no unexpected added costs.
Ready to find your dream home in Denver?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents.
5. Be Prepared For Maintenance
Even if you've bought a brand-new building or the evaluation came up completely clear, maintenance will become a part of your life. Homes take work to keep looking nice and running smoothly. This is why it's a good idea to make sure you have a decent tool kit and learn a thing or two about using those tools.
Additionally, you might want to take a class on basic plumbing and other general DIY fixes you could do independently. It'll be cheaper than always calling out a specialist whenever something minor goes wrong.
Are You Ready For A Long-Term Commitment?
One of the most important things to remember is that buying property is done for two reasons simultaneously. You're looking for a place to live, but you're also making a financial investment in your future.
When buying your first home, you should be ready to make a long-term commitment. You will likely have a mortgage to pay off, and you will only see actual returns on your investment after living there for quite a few years. The longer you live there or own the property, the more likely you are to profit from your investment when it comes time to move on.
Getting into the property market is a big step, and going at it alone isn't the easiest. However, when you open the door of your new house for the first time, it will be worth it.
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