First Time Home Buyers | Where to Start?
“Home Sweet Home”
Most first time home buyers have no idea where that proverb came into existence but it is undoubtedly true, home really is sweet. Better yet, what is even sweeter is to have your own home.
Whether you’ve just moved out of your parents’ place or have gotten into the lovely bond we call marriage, you need your own home at some point in time to start a family of your own.
Not only is this a huge financial deal, it is also an enormously emotional decision to make. Home hunting can also become stressful and distractive. You might get sidetracked from what you wanted to buy or fooled into buying a property which is not what you wanted at all.
First Time Home Buyers
It is important you maintain a wish list. Here is what you need to keep in mind when you are home hunting:
The basic step is to qualify as a purchaser yourself. For that, you need to have a clean history regarding your bank statements and credit cards as well as having enough money to finance the expenditure of installments to pay off the mortgage.
2. Mortgage Loan
It is necessary to find a collaborative mortgage lender who is flexible with regards to your timing and payment methods. This way, you both can cooperate with each other in purchasing the house and paying off the monthly installments will become easier.
3. Reliable Agents
Hire a reliable agent. This is something which is necessary, especially when you’re about to spend a number in the millions on buying a house. So, spend some more on a reliable, preferably referenced agent. This is important because the real estate agent will be alongside you to familiarize you with not only the internal structure of the property, but also the external facade. This way, you’ll have more knowledge about the property and its pros and cons.
4. Stick to Your Wish List
You may get sidetracked by looking at extravagant and luxurious houses which are, sadly to say, somewhat useless. If you are moving into a new home just to get closer to your college, trust me, you do not need a giant golf course. Stick to your need-based wish list and budget and try not to succumb to the little irrational and satanic voice in your head.
5. Efficient Budgeting
Go mad on the internet. There are lots of websites where you can look up for property rates and make comparisons according to the facilities, locations, and what you need. It is important you do so to avoid any traps and paying more than what the property is worth.
Lastly, don’t get too emotional. It is a big decision to buy your first home and you need to keep your feelings aside and remain rational to spare your next decade from an unnecessarily long and heavy debt repayment.