Saturday, April 8, 2017

How To Pass First Time: Tips For New Homeowners

mortgage affordibility
If you’re a first-time buyer, the prospect of being a homeowner probably fills you with a mixture of excitement and terror. Most of us have aspirations to own our own home one day, but the path you have to take to get there seldom runs smoothly. Many list buying a house as one of the most stressful things you can do. Fortunately, there is help out there for new homeowners. If you’re starting a property search, bear these essential tips in mind.

Set a budget

When it’s time to get onto the property ladder, it can be really easy to get carried away and start looking at all kinds of homes that are floating around on the market. Before you know it, you’re looking at online brochures for homes that are way beyond your budget, and your expectations have become unrealistic. The best thing to do before you look at any websites or contact any real estate agents is to set a budget. To do this, you need to work out what you have available to put down as a deposit, and how much you can borrow from a mortgage provider. Using mortgage affordability calculators online will give you a rough idea, but it’s wise to schedule some meetings with mortgage advisers to see what offers are out there and establish the kind of figure you’re looking at. Don’t forget to factor in fees and taxes you may incur to give you an accurate idea of how much buying a house or flat will cost you.

Draw up a list of priorities

Even if you have an unlimited budget, you may still have to compromise. The reality is that for many people, their perfect home simply doesn’t exist. Before you start your property search, have a think about what you want from your new investment. What are the deal breakers, and what could you live without? If there’s absolutely no chance that you’re going to buy a house that doesn’t have at least 2 bedrooms or some outside space, for example, there’s no point in including properties that don’t fulfill these criteria in your short list.

While it’s advantageous to have a wish list, be realistic when it comes to your expectations. If you haven’t got a Hollywood Hills budget, don’t expect to be able to afford something off MTV Cribs.

Take full advantage of viewings

Once you start searching online and liaising with agents, and you come across properties you like, take full advantage of viewings. Properties often look very different in real life to how they do in a brochure, and you get a much better idea of the space and feel of the home. Don’t be afraid to open doors, have a walk around the rooms and inspect each area closely. If you whizz around, you’re likely to miss things. Always arrange a second or third viewing. It’s important that you’re sure about your decision before you proceed to the next stage.

If you’re a first-time buyer, acquiring a house can seem like an impossible dream at times. The process can be stressful and time-consuming, but hopefully, this guide will set you up for a successful search.

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