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Buying a home for the first time is an exciting and important milestone for many Americans. Their purchases make up a sizable chunk of the market, too. In 2018, 39% of all U.S. single-family home purchases were made by first-time buyers. The search for a first home requires careful consideration of a number of factors.
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Your home is only going to go up in value as much as the other houses around you. If you pay $500,000 for a home and your neighbors pay $250,000 to $300,000, your appreciation is going to be limited. Sometimes it is best to is buy the worst house on the block, because the worst house per square foot always trades for more than the biggest house.
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Buying a house can be an exciting and emotional process. Before you start your home search in earnest, though, you’ll want to understand the ins and outs of the homebuying process.