In the market for your first home? Plan to spend more time house-hunting than you’re budgeting for right now.
According to a recent report, 79% of first-time homebuyers missed work to find their first house, spending an average of 14 hours looking at properties.
Part of the reason first-time homebuyers spend more time than they think they will is because they don’t realize how many elements there are to consider when buying properties.
To help you navigate the home-buying process more efficiently, we’ve put together a list of 13 key factors to assess when evaluating potential homes.
Keep reading to learn some key insights you can use to increase the chances you find a property that fits your needs, budget, and long-term goals — without the process dragging on for eternity.
1. Location, location, location
You can change a lot about a house, but — unless you’re buying a tiny home on wheels — you can’t pick it up and move it.
The neighborhood you choose affects your commute, quality of life, and even future resale value. Is it close to work or public transit? Are the schools highly rated? Are there coffee shops, restaurants, and parks within walking distance? Think about traffic, walkability, and upcoming development projects in the area.
Even if you find what seems to be the perfect house, a poor location can turn your dream home into a daily frustration. Avoid that stress by being laser-focused on the long-term implications of where you’re buying.
2. Your budget fit
Your budget is one of the most important factors when buying a home, so be sure to set a realistic limit of what you can afford before diving into the market. After all, the last thing you want is to fall in love with a house that’s out of reach or, worse yet, stretch your finances too thin — to the point you’re super stressed right after you move in.
Before signing a contract, consider the listing price but also additional costs you’ll be on the hook for — like property taxes, insurance, maintenance, and utilities.
To make sure your first home fits within your budget, be sure to get pre-approved for a mortgage so you know exactly what you can afford.
3. Structural integrity
When it comes to structural integrity, you don’t want to end up like the pigs in the old fairy tale with straw and sticks houses. You want to make sure your new home is more like the brick house — with bones strong enough to withstand the elements, and a couple of kids, perhaps, too.
Check for cracks in the foundation, uneven floors, and sagging ceilings. These could be signs of major issues down the road.
You don’t want to find out that your dream home is a house of cards — or worse, could crumble after one blow from the big bad wolf. This is why it’s so important to complete a home inspection before signing on the dotted line. A good inspection will help ensure your house is built to last — regardless of any huffing, puffing, or blowing.
4. Neighborhood safety
When shopping for your first home, neighborhood safety should be top of mind. You want to feel secure in your new space — not like you’re a character in a suspense thriller.
As you continue your search, look into crime rates, local law enforcement presence, and community watch programs. Don’t forget to visit the neighborhood at different times of the day; what feels peaceful at noon might look different at night. Better yet, ask your would-be neighbors about their experiences; they’re the best resource for inside info.
Ultimately, a safe neighborhood isn’t just about peace of mind. It also could help with future resale value!
5. Resale potential
Speaking of resale value: House-hunting isn’t all about how much you’ll love the property next week. It’s also about how much someone else will love it tomorrow.
Since buying your first home is a major investment, resale potential is key. Even if you plan on sticking around for the long haul, life happens. Whether you’re relocating for work, upgrading, or downsizing, a home that appeals to a wider audience can make all the difference when it’s time to sell.
As you look for your first home, think about factors like location, layout, and those “permanent” design choices (say no to neon green walls). Choose wisely — your next big move might just involve moving out!
6. Number of bedrooms & bathrooms
The number of bedrooms and bathrooms in your new home is a practical yet crucial consideration.
While you might be perfectly fine with a cozier nest for now, think about the future. Maybe your family will grow, maybe you’ll start working from home, or maybe you’ll opt to rent out extra space on Airbnb. If you don’t have enough space, you’ll feel cramped; of course, if you have too much space, you’ll be paying for rooms you don’t really need.
Similarly, fighting over the bathroom at 7:30 in the morning isn’t anyone’s idea of fun. Having enough bathrooms can help you avoid such standoffs.
A good rule of thumb? Make sure there’s enough room to grow into — but not so much that you’re always cleaning rooms you don’t use.
7. Storage space
Storage space is one of those things you never think you need until you don’t have enough of it.
It’s easy to imagine your closet will magically fit all your shoes, winter coats, and that random stuff you always seem to accumulate. But trust us: Once you start living in your new home, you’ll realize that extra storage space is just what the doctor ordered.
Whether it’s closet space, attic storage, or a tidy garage, having room for your holiday decorations, sports equipment, and even that treadmill you’re totally going to use one day makes a huge difference.
So, when you’re house-hunting, ask yourself a simple question: Will my stuff fit comfortably?
8. Energy-efficiency
Energy-efficiency is a must-have in today’s home-buying world. Not only does it help reduce your environmental impact and keep your utility bills in check, it also appeals to future buyers who are increasingly focused on sustainability.
Look for homes with energy-efficient features — like double-paned windows, proper insulation, smart thermostats, and Energy Star-rated appliances. These upgrades can make a big difference in maintaining a comfortable home year-round — without breaking the bank.
Plus, if you’re house-hunting in a place with extreme temperatures, energy efficiency becomes even more important. Saving the planet while saving your wallet? Talk about a win-win.
9. HOA fees & rules
While homeowners association (HOA) fees and rules might not be the first thing you think of when house-hunting, they can have a massive impact on your life once you’ve moved in.
HOA fees typically cover shared amenities like pools, landscaping, and common areas. But these costs — which average $170 a month but can be considerably higher — can add up over time.
If you decide to move into a property governed by an HOA, it’s essential for you to understand how much you’ll be paying monthly and annually, and what those fees cover. You’ll also want to be aware of the HOA’s rules — some may restrict things like parking, home renovations, or even the color of your front door!
10. Age of utilities
When shopping for your first home, don’t forget to check out the age of the utilities — your HVAC system, plumbing, furnace, water system, and electrical setups.
While these might not be as exciting as granite countertops or a walk-in closet, outdated or failing utilities can lead to expensive repairs down the road. A well-maintained furnace or plumbing system can save you from unexpected headaches — helping you save more of your hard-earned cash.
As you narrow down your options, be sure to find out how old such systems are and whether they’re approaching the end of their lifespan. If they are, consider negotiating for replacements or factoring the potential cost into your offer.
It might seem like a small detail. But it’s a detail that can save you big over the long run!
11. Natural light
In many ways, natural light is the secret ingredient that makes a house feel like a home. It can brighten your mood, make spaces feel larger, and even help you save on energy costs.
When house-hunting, pay attention to how much light flows into each room — especially the living areas and bedrooms. Look for windows that face south or west for maximum sun exposure throughout the day. Skylights and large windows can work wonders, too.
Not only will natural light make your home more pleasant to live in, it can also boost your future resale value. Who doesn’t love a sunny spot?
12. Parking
Parking: It’s one of those things you don’t appreciate until you don’t have it.
Imagine coming home after a long day only to circle the block three times in a futile attempt to find an available parking space. Not fun, right?
When buying a home, consider how easy it is to park — especially if you’re in a busy area. Does the house have a driveway? How about guest parking? Will you need a garage to store all of your stuff or just park your car?
Remember, the joy of a guaranteed parking space is a luxury worth having. Don’t overlook it!
13. Outdoor space
Outdoor space can be a game-changer for your home. Whether it’s a small balcony, a cozy backyard, or a sprawling garden, having a spot to enjoy fresh air can make all the difference.If you’re into grilling, gardening, or just lounging in a hammock, outdoor space gives you room to stretch out and unwind.
Think about your lifestyle. How much space do you need for entertaining, playing with your pets, or just relaxing with a good book?
Outdoor space is a feature that really boosts your home’s overall vibe. Make sure you’re okay with whatever space you have to soak in some sun.
Take the next step in your homebuying journey
Finding and financing your first home can be an exciting but overwhelming journey. That being the case, having an expert at your side can make all the difference.
Real estate agents, mortgage brokers, and financial advisors can help guide you through the homebuying process — providing valuable insights into the market, financial options, and negotiating tactics. Their expertise not only saves you time but also helps ensure you make informed decisions that fit your needs and budget.
When you’re ready to take the next step in your homebuying journey, don’t hesitate to reach out to a trusted advisor. After all, this is one of the biggest investments you’ll ever make — and you simply cannot afford to make a decision you’ll later regret.
Here’s to ending up with the home of your dreams!
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