You are ready to buy your first home in Raleigh. Congratulations! But while the home buying process can feel exciting initially it is unlikely that you will come out of the gates able to purchase the home of your dreams The key to success with this first home decision is in finding the balance between a home that registers on your “dream scale” but also falls inside of your budget.
To help you in your search, here are some ideas for how to wade into that first home purchase.
The phrase “starter home” is in our everyday vocabulary for a reason and you should be comfortable with exploring this option. Your first Raleigh home will most likely not be the last home you purchase so do not waste time worrying that it is not the perfect replication of the dream home you have in mind. This will give you time to advance in your careers, saving money as you go, and planning for that next home down the road.
Recent reports indicate that Raleigh home buyers prefer new homes (newly constructed) to their existing homes (a house that has been lived in) counterparts. What this also means is that because of demand for new homes, their prices can end up costing you at least 20% more than a comparable older home. By being flexible with your attitude towards old versus new homes, you can allow for big savings this first time around while also allowing yourself to get closer to that dream home in the future.
While not necessarily the first choice for everyone, you can save money by being willing to put a little sweat equity into the Raleigh home. This allows you to stretch your dollars, often times getting more house for less money. You also have the flexibility to upgrade as you go, giving you time to save up for the renovations you want to make.
This is a battle that will rage on forever in the psyche of first time Raleigh home buyers. The “cooler” parts of town come with a heftier price tag that might not fall within your budget so be prepared to make a compromise – less cool but affordable is better than being in a cool neighborhood you cannot afford.
As you are shopping for your new Raleigh home, be on the lookout for signals that an area is an up and coming neighborhood. Did a Starbucks just go up on the street corner? How about a new Whole Foods coming to the area? Look for these telltale signs that point to an area on the rise. This will provide you with the short term benefits of taking advantages of these local amenities as well as the long term benefit of a home that could see its value rise dramatically.
Here at Puck Realty we specialize in helping Raleigh home buyers find the home of their dreams! When are you ready to begin your search here in Raleigh, be sure to be in touch and see how our team of experienced real estate professionals can help you!