Erie Federal Credit Union

Unless you have a large budget or are incredibly lexible in what you're looking or, inding a home that meets your needs – at the right price, and in the right location – can be a bit like inding a needle in a haystack. Many irst-time buyers look orward to the house-hunting process, and then become discouraged when they actually start touring houses. Keep in mind that almost all irst-time buyers end up having to compromise on something, so don't be disappointed i you can't seem to ind your idealistic "dream home." Try to think logically – rather than emotionally – about the house-hunting process, and actor into your decision the guidelines below: REMEMBER THE RE AL ES TATE MANTR A: LOC ATION, LOC ATION, LOC ATION! Almost anything about a house can be changed – except where it's located. That's why it's so important to take a home's location into consideration during your house hunt. You'll likely want a home that's within a reasonable distance o where you work, i possible. And do some research about the area's crime rates and schools, too. These are additional actors that can play a huge role in how happy you are with your purchase. THINK ABOUT YOUR FUTURE NEEDS . Homeowners should generally plan to stay in their homes or at least our or ive years to break even on closing costs and other ees. So i you have immediate plans to start a amily, purchasing a one-bedroom downtown lo (no matter how swanky) probably isn't your best option. Instead, consider how your amily or liestyle may change in the next ew years, and strive to purchase a home that can accommodate your uture needs. FOCUS ON FUNC TION. When touring a home, it can be easy to get sucked in by the house's curb appeal or "cuteness" actor. But try to ocus on how the home will unction when living there. Is there an entryway closet to stash shoes, coats and other gear? Is there enough garage space to house your vehicles? Does the home have laundry acilities that are easily accessible? These are issues that you might not think about when doing a quick walk-through o a home, but the absence o such eatures can become a huge source o annoyance once you move in. (And don't make the mistake o thinking your love or a home's aesthetics will make up or its lack o unction!) KNOW YOUR LIFES T YLE – AND BUY ACCORDINGLY. You may think you want a ive-bedroom home with an acre yard – but i you value a low-maintenance liestyle, a condo or townhome is probably a better it. And think about what's outside o the home, too. Do you enjoy being able to walk to restaurants and shops? Or are you hoping to escape the hustle and bustle o city lie? Your home can greatly inluence your liestyle, so make sure it will positively – rather than negatively – a ect your everyday lie. CONSIDER LONG- TERM COS T S . Most buyers gauge a home's a ordability based solely on its list price. But some houses come with more expenses than others, and those extra costs can add up over time. I you purchase a condo or townhome – or a house in a neighborhood with a homeowner association – be prepared or monthly ees. I you purchase a home that needs a signiicant amount o work, think about those costs, too. It's even a good idea to consider a home's size, as heating and cooling larger homes requires higher costs than smaller or more modestly sized houses. Do the math and ensure you can a ord the extra expenses that may come with the home beore making an o er. TAKE RESALE VALUE INTO THE EQUATION. Few people make their irst home their orever home, so it's a good idea to consider a home's resale value when making your decision. Since location can play a signiicant role in a home's resale value, buying a house located in a sought-aer neighborhood is probably worth your while (i the home its your budget and other requirements, o course). Also, think twice beore buying a unique, out-o-the-box home. Highly customized properties usually don't appeal to the masses, so you might have a di–cult time inding a buyer when it comes time to sell. DIS TINGUISH BE T WEEN YOUR WANT S AND NEEDS . Sure, you may want a kitchen with granite countertops and stainless steel appliances, but don't let that take precedence over your needs. Prioritize and try to igure out what you absolutely must have in a home, and what you can live without. Make a list and rank your needs so when you ind a home you like, you can make a conident and inormed decision about its ability to truly make you happy or the long haul.

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