Purchasing your first home is exciting but you need to consider many different factors when making a decision. It must suit your budget and your present and future goals. You may want a home you can live in on your own or share with another student. There is also the option to rent to a number of students to help you pay your mortgage. This guide will help you to make the right decision.
Your budget is obviously the most important factor to consider when buying a home. You need to know that you will be able to afford the bond repayments every month. Other costs you must take into consideration are property taxes, maintenance, and insurance. Don’t forget about other costs like deposits and transfer fees when making a decision.
The location of the property is a top factor when deciding where to buy a student-friendly home. The home will need to be close to the college campus and other local amenities. An area with easy access to libraries, shops, and restaurants is most suitable. Public transport and the safety of the area are other important considerations.
Working with real estate professionals
Once you know your budget and where you want to buy, consider working with a real estate professional specializing in student housing. A real estate professional has the knowledge, resources, and skills to help you find a home that fits your budget and your needs. A personal statement helper by EduBirdie can help you write a letter that spells out your requirements for the real estate professional. You will receive a quality letter and you can ask for revisions if you need them. Students can get all kinds of writing help from an online writing service at an affordable price.
Property type and size
If you want to rent out to fellow students to generate additional income, you will need multiple bedrooms and bathrooms. If you want to live alone, a bachelor flat is an option. If you go away often over weekends, you may want to purchase a lock-up-and-go flat in a secure complex. If you plan to live with a partner or friend, you will need more than just a bachelor flat.
Amenities and features
Some features to look out for in a student-friendly home are study space, reliable internet connectivity, and laundry facilities.
- Study spaces should have suitable chairs and desks to help students do research, write papers, and hit the books before exams.
- It is essential for students to have reliable internet connectivity today. If internet access is haphazard, it will hinder their ability to learn.
- Students should have safe parking for their vehicles or public transport close by if they don’t have a vehicle.
- Amenities in the area such as shops, restaurants, and parks help students to live a more balanced lifestyle.
- A home with low maintenance is a better option as students don’t generally have time for extensive upkeep of a home.
Future resale value
You should opt for a home that will appreciate in value over time. Considering resale value is important when buying your first home. There will inevitably come a time when you want to sell. It will help your future plans if you can make a decent amount of money on the sale.
Inspecting the home
Before the sale goes through, make sure you thoroughly inspect the home for any potential problems. Working with real estate professionals helps to ensure that all the legalities are properly handled.
There are various mortgage options tailored for first-time homebuyers. You need to find out more from a financial advisor or mortgage broker so you understand what’s available. You may be able to get mortgage rate discounts, low down payment options, and reduced mortgage insurance premiums as a first-time buyer. The government also gives tax credits and cash grants to make a first home more affordable.
It helps to get pre-approved for a mortgage before you look for a home. When you know your maximum price range it is likely to save you some disappointment. Some mortgages offer 100% financing so you don’t have to make a down payment.
You need to plan carefully and consider a number of factors when buying your first student-friendly home. By seeking guidance from real estate professionals and other experts, you can make a more informed decision. You can purchase a property that will meet your current needs and be a wise investment for the future.
Vanessa Keller is a writer who does not like to stick to a particular subject as she believes that it’s a versatility killer. To be a writer who can take up new challenges and do every topic with equal finesse, she works on a variety of subjects. And there is not a time she fails as she comes up with results that any other academic writer can hardly match.