You’re ready
to take that big step. You have enough in your savings
for a down payment and you’ve decided it’s
finally time to own your home. Buying a home is a complicated
and even frustrating experience for everyone, but for
first time buyers there is all sorts of added pressure.
Just remember that veteran home buyers face the same
concerns and confusion that you do – it’s
just they have a little bit more experience coping with
that pressure.
Here are a few tips if you’re just starting out
in the property game.
Check Your Finances
You want to make sure that your finances are in order
and that you have enough money to proceed with your
dream of owning your own home. It is important that
you take a look at your credit history before you apply
for a mortgage so that you can clear up any mistakes
or irregularities. You also want to have a good idea
of what you can afford before looking at properties.
You only want to look at homes that are within your
budget and knowing what you can realistically afford
before you start looking and sticking to that budget
may save a lot of disappointment down the road.
Do Your Research
Before you begin house shopping, you need to know what
you’re looking for. You need to know what kind
of house and area you want to live in. Prepare a list
of questions that you could yourself when looking at
a potential property. These questions might include:
Is the neighborhood safe?
Is the house big enough for our needs now and in the
near future?
Are there schools?
Is it close to work? If not, how much time will I spend
commuting?
Is there public transportation?
What condition is the house in? What repairs will I
have to make right off the bat?
What about re-sale value? Will I be able to make some
money when I sell the house in a few years?
If you are planning on applying for a mortgage, you’ll
also want to do some research on the different types
and terms of mortgages that would be available to you.
Find the Right Real Estate Agent
Whether you’re buying or selling, it’s important
you also do your research where a real estate agent
is concerned. A good real estate agent will be knowledgeable
of the housing market in the area you’re looking
in and he or she will be able to answer most if not
all of the questions you have about this process. It
is important to build a strong relationship right from
the start – it will make things much easier down
the line. You’ll want to make sure that you find
an agent that will keep your best interests (not the
sellers or the agent’s own interests) first.
Put that Offer In
This can be a difficult part of the process for both
the buyer and the seller. The buyer does not want to
overpay or go beyond his or her budget, but at the same
time token a seller does not want to give away the home.
There are other factors to consider, especially a contract
that outline what will and will not be included in the
home (i.e. appliances).
Home Inspection
In some places this inspection occurs before you sign
the final deal, while in others it is after it is finalized.
This is an important step – you want to know exactly
what you’re getting yourself in to when purchasing
a home. If there are problems with the home, you want
to know that right off the bat, not a few months down
the road.
Closing the Deal
Closing (also referred to as settlement) is when the
ownership of the property is transferred to you (the
buyer).
What about buyer’s remorse? A lot of people experience
it. You love your home when first see it and you can’t
wait to move in, but once there you begin to have your
doubts. Did I pay too much? Can I afford to do this?
Is this really the perfect house or should I have held
out a bit longer to see if anything else came on the
market? These thoughts go through the minds of almost
anyone who has bought a home at some point, but they
can certainly be overwhelming for the first time home
buyer. Just trust your instincts and try to remember
what made you fall in love with the house in the first
place!
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