,

6 Tips For First Time Home Buyers

homefinder

Being a first-time home buyer means you’re on unfamiliar ground. You are faced with so many questions: is it the right time to buy? Am I buying in the right area? Here are some tips to help you on your journey as a first-time home buyer:

1. SAVE, save, save
Do yourself a favour and start saving immediately. The sooner you get to saving, the sooner you have a decent deposit to put down on the purchase. The more you put down, the less you pay back.

2. BUDGET like a pro
You may be eager to move into a bigger space and live in your dream home but be careful not to rush. Rushing could cause you to make an irrational decision or going over budget. Make sure whatever you do you stick to your budget so you can actually afford the repayments on the house you buy.

3. EXPLORE mortgage options
The only way you can get a mortgage rate that’s most suitable for you is if you shop around and look at all your options. Firms are competitive and some will offer you lower rates and others shorter periods to repay the money owed. Shop around so you get a mortgage that works for you and not the other way around.

4. ATTEND open houses & pay attention
Open houses not only give you the opportunity to see the house but also to check out the neighborhood. Ask the sellers agent questions and take notes but don’t forget to check things for yourself. Open cupboards, turn on taps and pay attention to detail. Inspect the neighborhood at night and make an informed decision.

5. GET a second opinion
Getting a second and objective opinion is going to work in your favour. Once you’ve fallen in love with the home, you may end up overlooking some things that could end up being costly. Bring a friend or family member to also inspect your dream home and they can highlight some of the things you are overlooking, plus they will give you a different perspective.

6. HAVE home insurance
Once again before settling on the first home insurance quote you get, make sure you do your homework and get options. It’s important not to go for the cheapest policy but to get one that is of high quality that will cover any and every issue you come across for example fire or flood.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply