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Ready to buy your first home? Here are four things to consider when buying your starter home.
Knowing how long you plan to be at your first home can make finding one a little easier. You may be able to live without having much of a yard now, if it means you can take public transit to work and save for your next home.
Think about your goals and plans for the next 3-5 years. Do you plan to change jobs or start a family? Knowing what your goals are can help determine your budget for your first house, ensure your new home can accommodate the changes you are planning and make sure it is a good fit financially.
Finding a home in the right location is important. How long do you want your commute to be? Do you like having access to a variety of entertainment or shopping close by? Consider noise levels, places located nearby like parks and shopping, and the characteristics of the neighborhood to make sure it fits your lifestyle.
Are you handy? Are you looking to build equity? Finding a home that has the basics, but needs some updates can save you money on the initial purchase, and give you the chance to build some equity. Updating flooring, fixtures, painting or even finishing a basement can help you enjoy the space and be an asset when you are ready to sell.