Becoming a homeowner for the first time can be both a wonderful and a little intimidating experience. We take a look at some great tips on taking the first step on the property ladder.
There are many reasons why thousands of us decide to first time home buyer loan programs the properties each year. For some of us maybe we have enough to pay a monthly or weekly rent to an owner. Maybe we are tired of “wasting” money this way and you finally want to have something of our own to show for it.
If you are already considering buying a property, then you probably know about the many benefits that come with home ownership. As the owner of the house, you will have a much better control over your living conditions. If you are first time home buyer loan programs wisely, you will also have a good investment on your hands.
There are, of course, other aspects to the property. Once you buy a property, you will find that you are now responsible for the maintenance and repair of your new home. It’s time to brush up on your DIY skills, or put some money aside to pay for some professional help!
Let’s start by looking at the first key step when you just bought your own house: finance. Finance can be a dry and rather dull subject, but it’s essential to think about your budget before you start looking for potential properties.
It is worth it in establishing a budget, including the various expenses that you are likely to incur when you purchase the property. If necessary, it may mean talking to an independent financial advisor or a mortgage broker before taking any further action.
You have to make sure you know how much finance is going to be available to you. Can you afford the type of property you want? Do you have a reasonable amount to act as a deposit? Have you considered any additional fees, such as paying for property transfer and all taxes?
All of these things must be considered before proceeding. You must be aware of how much you can afford to spend on your home and how much the monthly repayments will be on a loan or mortgage you go out.
Now that you have the boring stuff of the road, it’s time for the fun begins – you can get in touch with real estate agents and start looking round properties!
Before talking to agents, make sure you are clear about your needs. If you are looking for a 2 bedroom house in the center of town, then you should not be persuaded to look around for a 1 bedroom apartment in the suburbs – there is no point in wasting your time just for to be polite.
Keep the focus on the type of property you are looking for and your budget. If you are not familiar with property maintenance then it will be helpful to take a checklist with you problems to look out for when viewing a property.
Finally … and it’s absolutely vital – before first time home buyer loan programs a property, make sure you have a survey done. Even though a professional surveyor will cost money, their expertise can save you a lot more….
Failure to make a final walkthrough of the house
Before you close and your real estate agent (if you work with one) should do a final walkthrough of the property. Take pictures of the house when you sign the purchase agreement. Bring these photos with you when you do the walkthrough. These photos are proof of what was inside the house. Sellers are known for exchanging expensive devices and cheap replacement devices, doing damage to the home when they move on, and not performing the repairs stipulated in the contract. To make sure everything is as it should, make a final virtual tour so that grievances can be addressed before closing.
Coming to closure without money
Some borrowers forget to bring a check to the closing table, as well as their closures are unnecessarily delayed. Remember that a personal check will not do. Bring a bank check at closing, otherwise your fence will be delayed….