I've talked before about the many advantages to buying a home rather than renting. To name a few,
you will pay less per month, build up equity, and take steps in reaping the benefits of the largest financial investment of your life.
What keeps so many from purchasing is the inability to afford the down payment and the fear that if something breaks, there is no landlord to call. Here are a few key points that will help you in finding the perfect starter home.
Find the area of town that fits your lifestyle and your needs. A few things to remember in this decision are your commute to work, church, friend's houses, shopping, and entertainment. Chances are, the part of town that includes all of these is not the area you can afford, and that's ok.
Narrow it down to a few mile radius from these activities and then see what is available. Consider your lifestyle now versus what it could be in 5 to 7 years.
Do you plan on getting married and starting a family? Then look for a neighborhood with 3-4 bedroom homes that is filled with kids on Saturday mornings.
Plan on enjoying your twenties with the most popular entertainment in town? Consider recently renovated parts of the city with young professionals eager to stay active.
I know, money, it's not the most fun thing to talk about. After all, when you saw the part of town that had everything you wanted you probably started calculating that you can't afford to buy until you're 50. There are so many programs out there to help with buyers who can't afford a down payment. Check out my previous posts about the loan programs available, or email me to talk to my Lender about realistic options.
Don't let the lack of down payment keep you from looking at homes. Talk to a professional about your options and you'll be surprised by the possibilities.
This goes along with the location of your home, as this plays the largest part in securing a home that will yield you a good return on your investment.
The most simple, yet practical, advice I've received regarding picking good investment potential is this: Start at the most expensive and popular part of town- every city has one- and work your way out until you can afford it. This way you are sure to take part in future appreciation of the market.
Need help buying or selling a home? If you're in the Charlotte, NC area, I'd love to help! If not, let me find you a great Realtor!