Are You Getting Ready to Purchase Your First Home?
This has been an exciting summer. After your oldest daughter graduated from college, she was more than thrilled that she had found a job that would take full advantage of her major. And while she initially looked at renting an apartment near her first job, the selection was pretty slim. In contrast, however, there were many affordable housing purchase options in the area. Because she was fortunate enough to complete her undergraduate degree without any loans, she was a perfect candidate for some of the affordable new townhomes in the area. With you and your wife willing to cosign on the loan, in fact, the monthly payments were more manageable than many of the apartment rents in the area.
New Home Builders Offer a Number of Housing Options in Various Price Ranges
In a time of failing infrastructure in inner cities and aging housing options near city centers, it should come as no surprise that new housing options are growing increasingly popular. The fact that a new home has the added advantage of the most energy efficient appliances and insulation is also a real draw for buyers of all ages. From single family homes to townhomes with multiple bedrooms, many buyers decide that it is better to purchase a new property than to risk buying a property that may need thousands of dollars of improvements.
If you are getting ready to purchase your first home, it is important that you make use of all available resources for this decision.
Realtors Are a Valuable Resource When You Get Ready to Purchase a Home of Any Size
Local realtors are often an invaluable resource for purchasing a home. Whether you are making a first home purchase in a very moderately priced area or you are looking for your dream home estate at the top level of prices in an area, a realtor can often help a buyer keep perspective. If, for instance, you do not want to go over the price of $70,000, the realtor can show you how much home a $70,000 purchase can get you in different places in a city. Consider some of these facts and figures about the home building industry and the real estate market:
- The averages from state to state vary, but in the state of Florida approximately 1,000 people move to this state every day.
- Home buying decisions have major impacts on the other life choices that you will make.
- Estimates indicate that at 23%, millennials are the most likely to look at townhouses.
- Purchase decisions when it comes to housing, for instance, will likely determine the amount of money that you have to budget for food, clothing, and entertainment.
- Estimates indicate that 83% of homebuyers are looking for single-family homes, according to Zillow.
- Realtor.com predicts that 61% of homebuyers in the year 2017 will be under the age of 35.
- Fewer than 33% of people looking to buy new homes are first time home buyers.
- Every real estate property that you visit during your home search can help you determine the value of properties in a certain area.
- Communities that offer lots of new housing options often also offer many new schools to accommodate an increasing number of residents.
- The best home purchase is one that you can comfortably afford.
- Home earners are increasingly looking for property locations that allow them to easily walk to and from locations like parks and grocery stores. In fact, 56% of Millennials and 46% of Baby Boomers indicate that they prefer to live in neighborhoods that are more walkable.
- Only 20% of all buyers seek to purchase a townhouse, according to Zillow.
- Making decisions that can make your home reflect your personality is the goal for many home buyers. In fact, according to a 2016 report by Zillow, 43% of buyers who purchased brand-new homes desired options for customizing the home.
- Every person looking for a home purchase should enjoy the process, but it is a task that requires patience and determination.
If you are a recent college graduate getting ready to start your first job, housing will likely be a very major decision. Make sure that you use the resources that are available to you when you make this first purchase decision. From realtors, to neighbors, to bankers, to parents, get the information that you need.