3 Useful Tips For First Time Home Buyers
Blog by Ray Smiley | May 7th, 2014
You might be in need of a new change in environment, or wish to upgrade to better living conditions. And you might be scared because it's your first time buying a house. Now, getting a home isn’t just based on its external appearance, there’s more to it than that. Many real estate agents recommend that you do a little bit of research on your part to see if the house that you will be moving in, fits your lifestyle and so on.
If you would face any difficulties, don’t hesitate to inquire with a real estate agent to clarify any doubts at any point of time; try doing so until you're sure that you're confident enough to start making real and calculated decisions. I'd be more than glad to help you get started, here are 3 simple but very useful tips to help you with getting on the right path.
First-time home buyer’s seminar
If I could use a metaphor, I'd say it's just like you getting your driver's license - you have to first sign up for lessons (theory and practical), and then get tested on your knowledge before you can officially get behind the wheel; you see, buying a house is quite similar (Good knowledge - Good Decisions, and makes sure that you know really know what you want and how to go about getting it). No one wants to make even the slightest mistake when purchasing a home, only to regret it in time to come.
Going to a seminar and interacting with the right crowd benefits you in ways that you wouldn't imagine, and it's only going take a little bit of your time to learn how to get things right at the first try. These seminars are offered by a wide range of real estate firms. They will provide you with the most relevant tips on home-shopping, and how you can maximize your newly acquired asset in terms of an investment and etc. On top of that, many firms offer this type of seminars free of charge!
Buying a home is probably going to be one of your biggest lifetime decisions. Be in the loop of what you can or cannot afford. Slow down a little and take a look at your monthly overheads. Look at how much you need to set aside each month for utility bills, food expenditure, and etc. Figure out what you will have left after subtracting your gross income from all those bills.
Do you have enough for mortgage and other home related expenses? Let's say you managed to secure yourself a spot for a luxurious unit, will you be able to continue as per normal for the following week, month, or year? Write down your figures and consult with a real estate professional, for he or she can bring you down to earth and work within practical means.
Not all of us can pay for the house upfront in full cash. Therefore, you are probably going to have to take up a loan or mortgage to help with your payments. Explore possibilities and inquire about all the available mortgage options. For example, if you are not planning to buy another new home any time soon, you might be interested in getting a 30 year fixed rate mortgage; where you might be able to pay off a manageable sum every month. As there are a lot of mortgage options out there in the market, you just have to take your time to find one that suits your needs. No rush, no fuss!