If you’re thinking about purchasing the home of your dreams, chances are you have a lot of great features in mind like the Jacuzzi bathtub, the trees on your well-manicured lawn, or your outdoor cooking space so your family can enjoy relaxing sunsets together.
These are all fine reasons to look for a new home, but you don’t want to limit your options, so let’s look at a few tips to help you with the home buying process.
Home Buying/Reselling Tips
One of the first things that will help you with buying a home is to start small. While you might want to start with your dream home, a smaller starter home can help you get your feet wet, so to speak. Think about it: When you got your first car, was it brand new? Probably not. It was likely used and banged up so you could learn how to drive. With home ownership, it can be a similar process.
Your first home is to help you understand what can happen with a new home. You may have to deal with a flood or small fire. You or your spouse may suffer a job loss and you may find that you want to stay in your smaller home to build up equity and have a larger down payment on a much larger home in 5 to 10 years.
Upgrade Your Features
While your smaller home may not be on several acres, it may still have a lot of potential. Think about how you might want to update the bathroom and kitchen. By making renovations to this investment, you can learn more about increasing the amount of money you will receive when you purchased the property.
HDTV suggests starting with small renovation projects that can add value and won’t stretch your wallet too much. Here are a few easy ideas:
- You may want to pull up the carpeting and replace the flooring.
- Another easy project is to sand and refinish your baseboards and add new trim.
- You can also consider changing your cabinets and updating the tile and fixtures in your bathroom.
Getting Help for Your Projects
With smaller projects, you can start them on your own by getting supplies at Home Depot or Lowe’s. You can always hire a handyman or contractor if you need help with the plumbing or electric. Check on Angie’s List and confirm reviews on Yelp. You can also look for tutorials and demonstrations online or at your local hardware store.
Start Thinking About Selling
After you’ve made a few changes, have your home repriced with the upgrades and renovations. Your realtor can help with this. You may also want to consider the value of homes in your neighborhood if its been a few years as home values gradually go up.
For new buyers and foreign homebuyers that are in a starter home, when your home has increased in value, you now have more leverage and equity to buy something bigger. Talk to your realtor when you’re ready to put your home on the market. You may have a larger home in mind!