Finding Your First Home

Looking for your first home can be exciting and stressful.  Let's take some of the stress out of the process by examining some simple steps to follow when searching for the perfect starter home.  It's best to start with a purpose in mind.  Having a goal as to where you see yourself in the next 5-7 years can help set the stage for this life changing endeavor.  What are your goals?  Which home will be right for you?  To help answer this question I have created a series of questions below that will be helpful in determining your needs.

1.  How many people will be living in your house?

2.  May your needs change in the next 5-7 years?  Will you need additional space for children or
     extended family?

3.  Do you have pets?

4.  How much yard do you need for children and pets?

5.  Will you need a garage or additional storage space?

6.  Where are your jobs located and how far are you willing to commute?

7.  What is your monthly income and how much mortgage can you afford? (Total debts should be      less;than 36% of your income.  To calculate, divide Total Monthly Debt/Total Monthly Income.)

See, "How Much House Can You Buy", article on bankrate.com.

Answering these questions will help determine square footage, number of bedrooms and bathrooms, flex space, storage space, and outdoor living space required for your new home based on your needs and financial ability.  A growing family for example with 1-2 children will need 2-3 bedrooms with 1-2 full bathrooms.  If you plan on having children or the possibility of an elderly parent moving in with you in the near future you should consider additional space for growth.  Homes are a great investment for your family and can have provide a significant improvement in quality of life.  The satisfaction of owning your own home can be unmatched.  Taking the time in the beginning to decide which house is right for you and your family will pay off in the end. 

Next time we will explore buying an existing home versus a new home. 

If you have any questions about finding your first home, please post below.  Feel free to share your experiences as well.  Have you had a positive or negative experience in finding your first home?