As we grow up, there are a lot of awesome firsts: your first time behind the wheel of a car, your first kiss, your first time – well, we won’t bring back THOSE awkward memories – and your first time living away from home.
Once you’re a (semi-) responsible adult, the firsts are still exciting, but they’re often fraught with stress and what-ifs. One of the most intimidating firsts is purchasing your first real estate property. With a whole world of homes and condos to consider, what really matters in terms of making a good investment? Here are some tips to guide you in the right direction.
Location Really Does Matter
The old real estate cliche is “Location, location, location!” As tired as it may be, it’s true. It doesn’t matter if you get a great deal on a property if it’s in an undesirable location. While you may get used to people getting into fist fights on the street outside at 2 a.m. or the sound of the train that runs twenty feet away from your back door every hour, when it’s time to sell, potential buyers won’t be so laid back about these things.
Check Out the Comps
When considering a property, take time to do research into similar properties in the area. At what price are they being listed on the market? What have comparable properties recently sold for? This is a great way to know if you’re overspending or buying at the right price.
Are There Amenities?
Certain things make a property nicer to live in, as well as increasing the value when it’s time for you to sell it and move on. Factors like a pool, a close proximity to public transit, neighborhood shopping and restaurants, as well as being located near schools and job opportunities make a home particularly attractive.
To sum things up, a low price isn’t the end of the story. Before you buy your first home sweet home, do your homework to make sure you’re really getting your money’s worth!