4) Determine How Much You Can Spend
Utah isn’t California. You don’t have to spend a million dollars on a small studio condominium. That being said, the market in Utah is hot right now, and home values are rapidly increasing.
This seems obvious, but it is an important reminder that you need to determine how much you can spend because you don’t want to fall in love with a home you cannot afford. Talk to a financial advisor or do your own research online to determine what price range makes the most sense for you. We also would love to recommend a lender to you, as they can really nail down exactly how much you could spend.
Try and minimize or eliminate any debts you have. This is important because your debt to income ratio can be a big factor in what a lender is willing to give you. Of course, you want to look at your credit score as well when factoring in what you think the lender will give you.
3) Consider the Neighborhood
The Salt Lake Valley has a wide variety of home types and communities. You’ll likely find more affordable homes in the newer communities like Eagle Mountain, but it does come at the cost of longer transit to big shopping centers, downtown Salt Lake City, and other amenities. Inversely a home in Sugar House, which is minutes from downtown, Salt Lake City will be considerably higher because you are paying for the location and the established community, you are moving into.
There isn’t a correct answer to which neighborhood is better. Some are willing to sacrifice a great location for a bigger home, and other buyers aren’t. A good real estate agent will help you determine what makes the most sense for your needs, so don’t stress too much about this one, but it is certainly something to think about.
2) Think About Your (Potentially) Growing Family
It is no secret…Utah families grow quickly. According to U.S. Census data, the median age of a Utahn is 30.7 years old, which is younger than any other state in the country. This is because many families in Utah choose to have a lot of kids! The reason this is being brought up, in an article on first time home buying, is because you might want to consider a home that has an extra bedroom or two.
If an extra room or two isn’t in the budget, but you know that your family will be expanding in the coming years, then you might want to look for a home with an unfinished basement.
This is a tricky topic because we also don’t want you to buy the absolute most expensive house you can “afford” because the more expensive home the home the more expensive it is to maintain and will have higher taxes. We want to work with you on this balance. It is about finding what home makes the most sense for you!
1) Find a Great Realtor!
Fortunately, you are reading this on GreatersSaltLakeHomes.com which happens to be the website of what we believe are the BEST Realtors in the Salt Lake region.
While we have to excuse ourselves from the boosting and bragging about how great we are, it really is important that you find someone you can trust. There are so many Realtors out there looking to make a quick buck off of first-time homebuyers because many of them don’t know what to expect from their Realtor. Regardless of your knowledge of real estate, and the size of the home you are looking to purchase we promise to give you concierge-level service.