In our last installment we talked in depth about buying your first home.  With the excitement that surrounds this time in your life it is easy to overlook some of the most important areas surrounding home ownership.  Below are some questions you will want to ask yourself before committing to buying your first home.  The anticipation of owning a home can make even the most put together individual in a tail spin.

What do you expect for your future?

Although the future is unpredictable you need to think about it.  Envision your future; how will buying your first home be affected or affect this future?  Examine the prospective properties with the following things in mind:

Is there development coming to the area?  New neighborhoods, shopping center and such can affect the traffic and value of the property.  Are these things you can live with?

What are the home values of the surrounding area?  Are they increasing or decreasing?

Will the zoning laws affect your region?

Does the school district have a solid reputation?  Can you see your children attending the neighboring schools?

Anything that may affect your future should be at least considered when buying a new home.  If your job is one in which you see a transfer in your future is it safe to say that you will be able to sell the home without taking a loss or is it wiser to wait.

Where should you look to find a mortgage?

You will find that there are a ton of options when it comes to financing your first home.  It is almost impossible to research all of the options available on your own.  One of the best places to start looking into mortgage options is with a mortgage broker.  An experienced real estate agent will often have a recommendation for you in regards to a broker to work with.   After working within the industry for any length of time, realtors have invaluable connections and insight with mortgage brokers, contractors, home inspectors and more.

Will you need to take on any new debts?

Before you take on a mortgage payment consider how much debt you have now and any new future debts.  Will you need to buy a new car soon? Are you planning on starting a family?  Do you think you will be adopting a four legged companion when you move into your new house?  Do you have a nest egg set aside to handle these expenses without adding to any current debt?  Your debt to income ratio is one aspect of determining the mortgage amount you qualify for.  Not considering future debt could allow you to be qualified for more than you can comfortably take on.

Are the repairs needed in the home inspection?

No matter if you are buying your first home or last, a home inspection is a good idea.  In fact, in order for many mortgage companies to consider lending to you they will want to see a copy of the inspection.  After receiving a report from the inspectors do you need to re-figure your initial offer to take into account expensive repairs?  If the repairs to the home are non-negotiable will you have the funds to make the necessary repairs on the home while making the monthly mortgage payment?  If you will be struggling to make necessary repairs while keeping up with current bills you may want to reconsider purchasing this particular home.

Buying your first home is an experience unlike any other.  To make sure you are truly ready for everything that comes with the process of owning a home it is a good idea to ask yourself some tough questions, like the ones above and in our last installment.  Then and only then will you be sure that this step is one you are ready to take on.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at