9 First Time Home Buyer Tips
The purchase of a first home is a significant step in the life of any person. By buying the house, you get financially indebted. However, this debt will be paid considering the fact that provide your family a home is priceless. We have created a list of 9 first time home buyer tips first time buyers.
1: Think Long-Term Investment
Although the purchase of the house is in the present, do not forget to think about the purchase as a long term investment. Think about what you want now, but also what you want in the future: raising children or selling the house soon. If you plan to stay in the house permanently, analyze what your present and what the future needs. If you do plan to stay there temporarily, then think about the growth of its real estate value.
2: Make Lists of Needs and Wants
When buying a home, everyone should make a list of needs and wants, the advantages and disadvantages of the purchase. Don’t make a list of things that the house must have necessarily but a list of the things you would like to have but that are not necessary, and a list for things you do not want to have. So when you hesitate between several houses, you’ll be less confused. This way you will avoid decisions based on emotions. Like buying a home is an investment, you want to make sure it is a conscious decision and not a hurried decision and directed by emotions.
3: Keep Additional Expenses in Mind
Buying a home involves, of course, a multitude of expenses. Do not forget to give your budget room for unexpected expenses. Expenses may occur for:
2-Transportation to get to work / fuel
4-Additional costs to maintain the lawn, pool, etc.
Add these extra costs to your budget and make sure you can still afford the house you plan to buy.
4: Be Aware of Home Associations
Not all neighbourhoods have a homeowners association, but if that’s the case in your situation, be sure to ask for a contract. Whether it’s a home purchase or lease, knowledge of the contract details is essential. Make sure to be informed before buying the house.
5: Think alternative financing Options
The mortgage is the classic means of financing, but this is not the only one. You will be surprised to know the number of grants and personal credit that is available to first time buyers. Much of these options have restrictions, but they are not too strict. Even if you do you will qualify for a majority of them, the test is still worthwhile.
6:Read your contract
This point seems obvious, but you’ll be surprised to learn that many of the buyers do not even read their contracts. Read your contract because buying a home is one of the biggest decisions of your life, not to mention that this is a significant investment. Also, understand your contract is also important. Do not assume that your particular real estate broker has included everything in the contract that was discussed. Knowing the information yourself will give piece of mind.
Knowing the demographic status of the area you are moving to is important. If, for example, you have children, but the area is full of young unmarried and without children,might not be best for you. Also, do not choose a neighbourhood that does not satisfy you 100%. Do your research and make an informed decision.
7: Research the Neighbourhood
Knowing the demographic status of the area you are moving to is important. If, for example, you may have children, but the area is full of young unmarried without children,might not be best for you. Also, do not choose a neighbourhood that does not satisfy you 100%. Do your research and make an informed decision.
8: Buy the house taking in account the view that comes with it.
If you do not like the neighbourhood or do not like the view from your window, then do not buy the house. In fact, loving the view from your window is just as, if not more, important as the house itself. You can renovate your home or varying certain parts, but you can never change the view that comes with it. Do not buy a house with a bad view only because you like the kitchen or bathroom.
9: Remember conventional wisdom
Now that you have read these innovative tips to prepare you for buying your first home, do not forget that old advice still works:
Make sure you have an emergency monetary fund
Have a minimum deposit of 20% if possible to avoid mortgage insurance expense
Check your credit score
Never buy a house you can not afford
Many factors are taken into account when buying a first home: contracts, neighbourhood, money, future and unexpected expenses. With the above 9 tips you are perfectly prepared for the purchase of your first home.
Coldwell Banker, Ronan Realty Brokerage