Buying Your First Home

 

You’ve saved up and now you’re almost ready to buy that dream house. But you have no idea on how to process a property transaction. Don’t worry here are some tips to help you along the way.

  • Don’t buy the first House you see in the Market

Don’t rush. Research and check the listing for a property that is suitable for you. Just because it’s cheap doesn’t mean that it’s good. It might be falling apart and will cause you to do a lot of repairs, which can be costly. So research about the house, ask questions from the seller or from the agent.

Ask for a showing to see the exact property and gauge if it’ll be worth it. Do not settle for the first house you laid eyes on and learn to shop, there will be a lot of choices in the market that is within your budget and has the requirements you seek.

 

  • Affordability

Check if the property is affordable and within your budget. Do not over spend for a property or for an amenity. Be a wise shopper and analyze the property. Ask yourself these questions-Is the property overpriced? Does it need a lot of repair? Is it within my budget and can I cover for the expenses if it’s higher than what I expect? These are some of the things you have to consider.

 

  • Store Emergency Fund

piggy-bank-390528_640Home repairs and renovation can be costly add the home inspection fee, your budget money won’t be enough to cover the bills and fees. So save up, in case additional cost is needed during the repairs or renovation of your new home.

 

  • Check Available Mortgage Loans

There are a lot of firms who offer mortgage loan. Some are costly and have higher rate and some offer low rates. Research to expand your options. Check which one applies to you and see which one you can pay off in time.

 

mortgage applicationNext question you have to ask is, do you qualify for a loan? Do you have a good credit record? Can you afford to get a loan? Reason for this is because lenders are very strict when it comes to mortgage loan application. They want to know if you are reliable and responsible payment your bills and loan on time. They have to assess if you will be profitable. They have to know if they will get back the money they loaned you and make profit from you.

 

  • Is this the House for You?

bedroom-389254_640Ask yourself, how long will I live here? A home is a place where you go to after all that work and play. At the end of the day, all you want to do is rest and relax. A nice and comfortable home will grow on you. A house within a nice and friendly neighborhood is a place to raise a family. A house which has close proximity to commercial districts, schools and has emergency access is what you should look for and will make your life easy and your purchase worth it.

 

  • Get a Real Estate Representative / Buyers Agent

Having a consultant can make your life easier. Your agent can provide you all the information you need and can refer you to the right people. They can help you out formulate an offer and negotiate for the house that you will purchase. Your agent will guide you all throughout the transaction.

 

 

Credit and Source: — ” Thank You”

What to know before buying your first home by Annalisa Burgos and Geoff Williams

9 Questions To Ask Before Buying Your First Home Lydia Dallett

10 Tips for First-Time Home Buyers Trent Hamm

photos: pixabay

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s