You’ve just made the decision to buy your first house. It’s a scary and daunting task ahead of you. One which will take up a lot of your thinking time, even when you’re supposed to be asleep.
It’s extremely easy to make mistakes when you buy your first home, especially during the preliminary stages of the buying process. You can easily avoid the hassle of a bad purchase though, simply by gaining some of the knowledge other first time buyers don’t have.
Research Finding a New Home
Do as much research as you can about the properties you are looking at, the real estate company you are putting your trust in, the kinds of home insurance you could, and the process of buying a house. The more you know, the less likely it is you’ll be taken for a ride. Know as much as you can before you bring money into the mix.
Prepare for a Wait in Finding a New Home
You need to understand that your dream home isn’t going to pop out of nowhere for you. The home purchasing process is a time consuming thing, and you will probably look at hundreds of houses before you settle on placing an offer on one. In other words, don’t settle for the first house you like just because you want the process over with – Keep your options open and stay persistent.
Read Before You Sign Real Estate Contracts
It’s extremely important you read all documentation thoroughly and understand every last detail before you sign anything. If you are unsure about a clause, word, expression etc, and you need clarification, you are well within your rights to ask for it. If you are still unsure, seek guidance from a professional.
What New Home Can You Afford?
Bear in mind your budget and stick with it. There’s nothing worse than a crippling mortgage on your first house. Be sensible and realistic about what you can feasibly afford to pay off over the next few years, or you could end up losing money. Ideally a mortgage shouldn’t take up more than 36% of your total income.