Buying a house is a dream of many people. Unfortunately, the process of buying a house can be difficult, and the path to choosing and living in the right house for you and your family is littered with potential pitfalls that can cost you serious money and valuable time.
Taking some time to understand the process of choosing and buying a property is vital if you want to avoid making any of the mistakes that first-time homebuyers often make. Here we have compiled the top five tips when buying your first house!
Ensure Your Finances Are in Order
Ideally, you will have maintained a good credit score, some savings, and regular income before you decide to get on the property ladder. Most properties require buyers to put down between five and twenty percent of the property’s value upfront as a down payment. As well as paying this, you should ensure that your monthly income will be able to cover mortgage payments and other costs of living. Consulting a lender can help you work out your exact house budget.
Decide on Your Requirements for a Home
Making a list of the requirements that you have for a property is a great way of narrowing down the search. Do you have or plan to have children? Choosing a property near a good school is probably near the top of your priorities. You will most likely also want to live close to your place of work for easy commuting. In addition to these practical factors, you should list the features of a house that are important to you for a comfortable home to have. Do you prefer peace and quiet or a bustling urban environment? Do you like ultra-modern interiors or quaint, rustic charm?
Contact a Real Estate Agent
Many expert realtor services can not only help you to find houses that you may be interested in buying but also negotiate house viewings and even price offers with you and the owners of the house! Real estate agents and realtors can use their experience of the housing market to ensure that you get a fair deal on the right property for you.
Factor in Hidden Costs
You may view a house that seems perfect for you and is (seemingly!) well within your price range. However, sometimes things are too good to be true. Many seemingly well-maintained properties can, in fact, come with damage to foundations or roofing, poor insulation, mold, and other issues that will end up costing you large sums of money to repair in the future! Using a professional inspector is almost always the right choice before making an offer on any property.
Secure the Loan
Once you have decided on the ideal property for you and completed all the other steps, you will need to secure the mortgage. This can be a complex process, which is why it is best to work alongside the bank or lender and your real estate agent to ensure that everything is in order. Once the relevant paperwork has been completed, you can move into your home as a homeowner!
