Are You Getting Ready to Purchase Your First Residential Real Estate Property?

New townhomes.
Single family homes.
Vacation homes.
Americans transition through several stages of housing needs during their lifetimes. When you are looking for your first real estate purchase, for instance, you and your wife might look to new townhomes as a way to break your way into being a property owner. Later in your marriage, you realize the need to look at single family homes so you can have a bigger backyard and more indoor space for your young children. Some families stay in their first single family homes forever, but others eventually look toward a larger home with an opportunity to increase the value of their financial real estate investment. Later in life, some property owners work toward the chance to make it into vacation homes that allow them to enjoy their retirement years and holidays with their grandchildren.
Where Are You in the Real Estate Market?
Not all Americans own real estate, but for the ones who do their current purchases obviously reflect their current life situation. From budget to job location to how many children you have, the home that you purchase must meet the needs of your current requirements.
Townhomes. A townhome is often a logical purchase for a first time home buyer. Available in a lower price range, a small townhome allows a first time buyer to move away from the rent paying model of apartment living to turning those monthly payments into investments in yourself.
The decision to purchase a new townhome is tempting to many for a couple of significant reasons. First, these new units typically have less maintenance. Knowing that you are the first owner of a townhome, for instance, often translates into knowing that you will not need to make any major repairs or replacements. The new townhome will not require a new heating and air conditioning unit, will not need a new roof, and will not demand new kitchen appliances. In addition, 34% of recent buyers who purchased new properties were looking to avoid problems with plumbing or electricity and other kinds of renovations.
Secondly, a new townhome purchase often allows the buyer to make many of their own selections. From carpet color to tile selections, the first person in a townhome often has the opportunity to put their own mark on this particular piece of real estate. As an added bonus, many of the newest properties also come equipped with more energy efficient appliances and HVAC systems. Not surprising in today’s environmentally friendly world, 48% of buyers who are interested in brand new homes cite ?energy-efficiency? as their most desired feature.
Single Family Homes. Having a first child is an exciting time in life. For many families, however, the birth of a new baby also coincides with the need to purchase a different home. Understanding your budget, your space needs, and your priorities are especially important for this very important real estate purchase stage. For instance, do you need to consider the school district where the home is located. If you plan on staying in this location for more than five years, school choice is likely a consideration for families with children.
Another consideration for single family home buyers is traffic patterns and access to the places they most frequent. For instance, 56% of millennials and 46% of baby boomers indicate that they prefer to live in more walkable neighborhoods.
Vacation Homes. Not all families, couples, or individuals reach the stage in their lives where they consider purchasing a vacation home, but for those who do the location choice is affected by many factors. For instance, if you like to golf do you want to find a property that comes with affordable, or included, golf privileges. If you want your vacation home to be a draw for your children and grandchildren do you want to find a property that is close to many local attractions or do you want to have a beach nearby?
Families transition through several real estate needs during the course of a lifetime. Paying close attention to what your needs are and what your budget is can help you make the best purchase. A purchase that will meet your needs, as well as a property that holds its value.