Looking for advice - Buying first primary home for family

[Steven K.]

Hey BP community,

I have been listening to the real estate and money podcast for the past year. My family (parents and I) would like to purchase our first home primarily for more living space and with the assumption that in the long game, a home [and the land that comes with it if it's a single family property' will only appreciate especially in the southern california area where the population is already dense.

I've heard on one episode of the real estate podcast that we should have exit strategies - the property should be able to be a rental, be flipped, or one that we are fine with living in until the market is at a good place where we'd like to move onto a new home.

What strategies would you advise a first-time home buyer in buying their first home - do you use a checklist? How do you know if the home you're buying is a 'good purchase' or at least do all you can to ensure the likeliness of such a major financial decision?

Thank you!

-S