Several studies have revealed that more and more millennials are planning to buy their own home. These young people (between the ages 18 and 34) doesn’t stop with the first house they’re going to have under their name, though. About 68 percent of them are looking into owning several homes.
Some of those homes are more age-appropriate abodes since they see themselves having a family one day, becoming empty nesters, and eventually also becoming elderly folks with special living needs. Meanwhile, others say their other home investments are meant to generate additional income.
A singular perspective
But for now, many such investors are eyeing properties that are ideal for their current “single” lifestyle – houses that are beautiful and just right for one.
Are you among these solo investors searching for a place to call home that is completely appropriate for living alone? If you are, do you know what you should be looking for in a property put up for sale?
To guide you through the often-tricky process of investing in a first home, here are five smart buying tips to consider.
1. Think resale value
If you’re like most millennials who see themselves moving from their first home one day to start a family, it’s crucial to consider how you can score a profit for selling the house in the future.
You need to make sure that the location of the property has a lot of potential or promise – that it will be developed further to increase the convenience in the community. The increased convenience of a location never fails to boost property market value.
Likewise, pay attention to the quality of the property’s existing structure and design, especially if you are not keen on renovating to sell. It’s best to go with a house with classic rather than trendy designs; trends don’t last long and they can make homes look outdated easily.
A fine example of a home with a sleek, contemporary but timeless style is the development featuring luxury townhouses for sale in the heart of Mohammed Bin Rashid City in Dubai. Every townhouse boasts of clean lines, open spaces and verdant color schemes inspired by nature. The properties’ elements are not too hip or trendy, so homeowners can easily decorate according to their personal aesthetic preferences.
2. Prioritize your security
Your safety is always a vital consideration. Look for a house in an area that is generally safe, such as a villa within a gated community where outsiders or non-homeowners do not have easy access to the neighborhood.
Also, keep an eye out for special security features. When you live alone, it’s imperative that your house is well protected from malicious intentions. Look for unique home lock systems and sophisticated security installations as these can help protect you and your investment.
3. Work with a broker
This is particularly helpful, especially since you are a first-time buyer. However, many newbie home investors make the mistake of being too quick to make a decision on the few options presented to them by their broker.
Avoid making the same mistake.
Use a broker like a seasoned buyer – let him or her do the complete legwork; after all, you’re paying the fee for the service. Be ready to provide all the information about what you’re looking for, such as:
- The type of house you want
- Your preferred location
- How much you want to spend
- The amenities you’re interested in
4. Consider all the additional homeownership fees of every housing option
Most first-time homebuyers forget to factor in the additional expenses racked up by certain housing options. Beautiful neighborhoods that are properly maintained, for example, typically have homeowner association fees. These fees ensure that the standard of living in the area remains ideal.
Think about property taxes and utility expenses as well. You might easily manage the upfront cost of the house, but all the additional expenses of ownership may prove too heavy for your finances to bear.
5. Always take your convenience into account
Finally, your first home is sure to cause a huge dent in your savings, so get the best bang for your money from it. Make your home a source of living solutions rather than a liability to your daily life routine.
Think carefully about how convenient it will be to live there:
- Does it make your daily commute to work easy?
- Do you need to go out of your way to take care of groceries and other needs?
- Are there community services and amenities that will allow you to uphold the lifestyle you want?
- Does the house have enough space for visitors, like your parents and relatives who want to see you every now and then?
You must be confident when making your first home purchase. Armed with the tips provided here, you can avoid potentially busting your budget and settling for property that falls short of your expectations.