Top Considerations for First-Time Home Buyers

For many, the prospect of buying a new home is a daunting one. It requires a vast amount of effort, consideration and thought. It is also likely to be the most expensive decision of your life. Many couples snap up the first property which fits their financing options and desired location in a flustered manner. This article seeks to explain the process so that you can make a more reasoned purchase of your first home.

Before you even look at listings, it is important to consider what it is that you actually want from your property purchase. Some people are merely looking to transform rental payments into a tangible asset. Others are looking for short-term or long-term investments. Understanding what your intent is will help you at every stage – from choosing a house to applying for home and contents insurance.

5 Things to Consider Before You Buy:

  • What Property Suits You?

Determining what your goals are will help you to determine where to start looking. There are many options available to you – from condos to multi-family properties. Depending upon your goals, each of these options will have its merits. Consider whether you wish to rent space to a tenant, live alone, or buy a property in which to invest. You will also need to consider the financial implications of each of these properties in terms of property tax rates and home insurance premiums.

  • What Key Features Are You Looking For?

Investing in a home is one of the single biggest investments that you will make in your life. For this reason, it is very important that you get what you want from your home. Make a list of dream features (realistic dreams) that your home will have. This should start with the number of bedrooms and a garage (if you want one), and extend to a garden and the potential for extension. Having this list will help you to recognise the houses which really do fit your criteria when you finally begin looking.

  • Check Your Financing

Before you start looking for a property, it is vitally important that you consider your financing options. Finding your dream home, only to realise that you cannot afford it, means that you have wasted a lot of time. Be realistic about what you can afford and approach a mortgage broker to get an idea about financing before you buy.

  • Consider Your Budget

Banks will often be willing to give you a mortgage deal which will tie you in for life and act as a millstone around your neck. Considering what you can actually afford, regardless of what the bank is willing to offer, will set you in good stead to cope with repayments. There is no point overstretching, because this will only serve to increase the pressure on your lif and relationships.

  • Where Will You Go For Help?

There is no point trying to cope with everything by yourself. There are a plethora of places to seek assistance in buying real estate. Real estate agents will give you a good insight into the property market and they can help you understand an area which you have never really spent time in. A real estate agent should have a good history, be good at communicating, be good at negotiating, and be committed to your purchase.

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