What To Look For When Buying A New Home

Making that first home purchase can be an exciting

, and scary, moment in any persons life. The commitment of time and money that you will put into home ownership means that you want to make sure that you make the right decision the first time. With that in mind Id like you to consider some of the thoughts on home ownership that I will lay out for you below.

When buying a new home you have a few things to consider, such as: What is my price range? Where is the best location? Will the home be resalable? Certainly these questions and many other will be on your mind when you make the big purchase. The first thing to think about is whether or not you can afford the home. The rule of thumb used to be three times your annual salary. So if you made, say $50,000 a year, than your home should be no more than around $150,000. This rule might still hold true but since banks have changed lending standards you will very likely need to check with your own institution before knowing what you can afford. Of course the bank isnt the only party involved that will be interested in your finances, you should have just as much of an interest. Even if a bank is willing to advance you more than three times your salary for a home you must still consider the monthly payment so as to not become house poor in the process of becoming a home owner.

Another important thing to consider is location. You dont want to live too far away from friends and family, and you certainly dont want to leave yourself a long commute if you can avoid it. I suggest focusing in on a few areas and then checking in on them often. If you are drawn to one area in particular then you should make it a point to drive around that area at several points during the day and the night time. Is this area very busy with traffic at rush hour? Are there lots of parties that go on at night? Will you be able to find parking along the street if need be?

Lastly you will need to consider if your home will be resalable. Great curb appeal always helps here, so look to see if the exterior of your potential new home is clean and well kempt. A beautiful lawn with some nice a href="http://www.globalfenceandgate.com">Vinyl Fence Manufacturer, along with an inviting entryway can do wonders for your homes resale. Just be sure to keep these things, and more, in mind before you write that big check.

by: Barbara Hartman

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