This is the third in a series of videos and articles inspired by Mars Bank’s First Time Homebuyer live events highlighting what to look for in a home. Contact a mortgage expert to learn more about programs for first time buyers.
Mars Bank wants to help you understand the home buying process. While there are many factors to consider when searching for a home, there are two key factors that you must consider. Location and home characteristics.
Two things you want to consider when you’re looking at your first home are the location and the neighborhood. Many people primarily look at where they’re going to be employed. However, what we tend to find is that a lot of buyers realize it’s not the most important factor. Maybe it’s being close to friends and family or it could being near entertainment or outdoor activities.
Taxes are also very important to consider when determining where to buy a home. Each county is different, each municipality is different. Make sure you understand the particular taxes on the property.
The second key factor to consider when searching for a home are the characteristics of the home and property. Key considerations are the age of the home, the utilities available (and cost), and the size of the house and property.
The age of the home is important because of the age of its parts. Future maintenance is a critical factor. Consider the mechanicals in the house, how old are the HVAC unit, how long will the roof last before needing repair or replacement? Fully understanding the condition of the home should inform your decision before agreeing to a purchase.
Utilities are also a big factor, but most people don’t consider it in early in the home search process. When you look in some communities, especially rural areas, there may not be high-speed internet or other desired utilities. If you work from home or enjoy entertainment that requires high bandwidth, having high-speed internet can be of great value.
It’s also good to consider the size and space of a home. How many square feet do you need? You need to determine what’s more important to you: the size of the lot or the size of the home itself. Often it is a tradeoff. Does your lifestyle (pets, kids, hobbies) require a bigger lot with a smaller home or a smaller lot with a bigger house?
At Mars Bank, we’re on your side. Finding that perfect home for you and your family is a big decision and we are here to help you along the way. Contact Mars Bank today to speak with a representative!