Buying your first home – and taking the first step on the real estate ladder – can be an exciting but difficult time. We all know that buying a home is the biggest purchase we will make in life, and the decision to take this step should not be neglected. Here are ten things you should know before you embark on your quest to become a homeowner for the first time.
1. Was buying a house the right decision? Before proceeding and committing to any financial transactions, make sure that you consider the pros and cons of buying and renting a property. Buying a home should be one of the important events in your life, but you should make sure that you carefully consider all the costs (even the hidden ones!) So you can do so.
2. Can you handle it?
Unlike in the past, you will probably need a 95% deposit today to buy your first home. Since the average deposit is paid by the first buyer more than ever before, you need to make sure that you have amassed enough to overcome the first hurdle.
3. Can you get a mortgage?
Most lenders base their decision on whether to lend you a home purchase based on your income or your combined home purchase income, such as your partner. First, do a survey to make sure you have enough income to qualify for the loan you need. Finding out how much you can pay for a loan, and therefore what type of property you can pay for, is sensible to avoid the disappointment of finding that you cannot reach your coveted home that you have put into yourself. heart of!
Meet the hidden costs!
Don’t be fooled by the fact that the only cost of buying a home is the money you save on the mortgage. Unfortunately, there are many other costs associated with the home transfer process, including stamp duty, legal fees, insurance costs, land registration fees, and removal fees. Familiarize yourself with these fees and make sure they have a place in your budget.
5. Do your research!
Before you start and bid on a house, keep in mind the huge House Buyers commitment you make and make sure you research the property and location you are buying. Look at schools, local facilities and especially land development plans that may affect the house you are buying. Don’t rush to make a deposit for your first house, but take the time to look at more properties before you are convinced that you have found the one that suits you.
6. Select and hand over a lawyer with whom you are satisfied. You will need to train a qualified transfer lawyer to enforce the legal aspects of buying your home. You may need to visit a law firm to sign and explain the documents to you, so make sure you choose a company that is easily accessible and, if possible, recommended.
It is very important that you keep in mind the home insurance that will cover your buildings and interiors. Shop to make sure you get the best deal and make sure you’re adequate for all likely events.
8. Buy for release.
If you are going to buy a property for rent, make sure you consider it carefully and are aware of your duties and responsibilities as a landowner. Also, make sure you know the time and expense associated with hiring an agent, finding tenants, maintaining the property, and covering the cost of the loan when the property is empty. 9. New motivational / home plans.
With new homes being built in almost every location, developers are vying for your money and offering incentives to first-time buyers for “starting houses” and other properties. Before you are interested in these offers, make sure you are fully aware of the business conditions and know the small print. Before drawing a dotted line, be sure to take advantage of the introduction of these schemes / incentives. 10. Make an offer.
If you find the house you want to buy, you must submit an offer to the seller. At this point, it is important that you discuss your land agent numbers to get an idea of where to place your offer, what the seller’s expectations are, whether they are in a hurry to sell, and so on.