For the first-time home buyer, looking to invest and live in a property, there is a deluge of things to consider and despite doing everything right, there’s never a guarantee your offer will be accepted.
There’s no denying the housing market has been on fire. According to the National Association of Realtors, the median U.S. home price increased 16% to just over $350,000 over the past year.
According to Victoria Cornell, you don’t have to find your forever home right off the bat. “Purchasing your first home is exciting and is a big life goal for so many.”
However, allocating a disproportionate amount of your total income to homeownership is known as being “house poor” and can negatively affect the rest of your budget.
While the location isn’t everything, it certainly falls under the category of something you can’t change about a house after you’ve bought it. While some regrets are fixable, such as paint colors or even a sloping foundation, others are not.
This could be the location, lot size, school zone, or view. Whatever is most important to you, focus on that first. The flooring, paint colors, cabinets, etc., can all be changed over time.