This is my top things for you should consider before buying your first home:
1. Location: Location Is Incredibly Important
This is something you likely already understand, but I’m putting it here to re-emphasize it. Location. Is. Very. Important.
Wherever you decide to live, you’re going to be commuting from that place to wherever it is that you work. That commute is going to have a cost in the form of both money and time, a cost that is going to be repeated over and over and over again as long as you have that job (and, likely, jobs similar to that one which will probably be in the same area).
If you live close to that area, great! You can walk to work or take a bike to work, which means your commuting costs are practically zero.
If you’re a bit further away, you can probably take the bus to work or the subway. You’ll have to pay some mass transit fees, but it’s still pretty cheap in the big scheme of things.
2. The Surrounding Marketing
Knowing your competition is one of the most important considerations when choosing an investment property. What is the average rent in the area? How about the vacancy rate?
3. Condition of the property
Regardless of which market you are interested in, nice homes generally attract nice tenants. Are you buying a fixer upper that will cost you more than you can afford?
4. Finding the property
There are many real estate investors in the world so competition is high for finding a high return property.
So, it’s important to get everything in order. Make sure you’re pre-qualified for a loan, you have saved enough for a down payment, get private mortgage insurance, find a qualified lender, and make sure you have all your documentation ready for pre-qualified.
5.Know your budget
Once you know the property rate and type of house you are planning to buy, next important thing is plan your budget. The real estate agent can help you out if you know your budget.