Your parents keep telling you that you likely do not realize how fortunate you are. Graduating with a masters degree in education without a single penny of debt is just not that common. The full tuition, room, and board scholarship that you received from the small liberal arts school in Louisiana was the first blessing and allowed you to earn bachelors degrees in both biology and math. Next, your college gymnastics career lead you to a graduate assistant coaching position for two years while the stipend paid for your masters.
Six years after graduating from high school you find yourself with a first year teaching job that also allows you to coach both high school and club gymnastics. And while your other friends are looking at finding rental homes or apartments as they prepare for the beginning of their full time careers, you are in a very good situation. With the money you received as gifts for graduation you have enough money to make a down payment on a house. In the weeks leading up to those first days in your new classroom you are excited about what to look for in a new home, as well as how to set up the math science room where you will be teaching.
Without college loans to pay off, some graduates find themselves in the fortunate position of buying a new home instead of renting an apartment. With all monthly payments going toward your own investment, purchasing a home is often a better investment than paying rent to a landlord. Purchase a tow or three bedroom house and you may even be able to find a roommate who will become your renter, ultimately paying half or more of your mortgage payment.
What to Look for in a New Home
Choosing a builder is often the first step in building a new home. Many builders are already connected to certain subdivisions and locations. And while some people want to build a home from scratch and design their own plans, first time home owners might do well to decide on a builder or look at homes for sale in a desired location. Once you have decided on a builder or a location, you can begin looking at the specifics that you want in a home.
Consider the following questions to get you started in deciding what to look for in a new home:
- Do you want to look at single family homes or condos?
- Do you want to live in an older, established community or are you interested in many of the newer planned communities?
- Do you want to be in location that is only a short drive from your work or are you willing to drive a greater distance?
- Do you want a traditional ranch floor plan or are you willing to consider two story homes or plans for more contemporary homes?
- Do you want a small yard that is easy to maintain or do you want a larger piece of property that puts a little distance between you and your neighbors?
- Do you want a smaller one or two bedroom home or are you looking for a larger house with more square footage?
Once you have decided these priorities of what to look for in a new home, you can begin looking at more specific options for the interior of the home. In a survey by the National Association of Realtors, nearly 65% of buyers indicate that finding a home with central air conditioning was very important to them. Additionally, storage, space, and appliances are top priorities for many new home buyers. In fact, in the year 2013 89% of buyers bought a home with a designated laundry room space.
In a survey of 1,500 Millennials who were preparing to purchase homes, 66% indicated that they prefer suburban locations. Another 24% indicated that they are looking for a rural location. A much smaller 10% indicated that they are looking to live in the heart of the city of a larger metropolitan area.
Being in the position to purchase a new home is exciting. And while there are many decisions that need to be made, visiting lots of homes and looking at available options in your part of the country will help you begin to figure out what you want.