So you are going to buy your first home? That’s great, we expect you to find a decent house. At the same time we’d like to give you some tips so you don’t repent afterwards that you’ve taken a wrong decision when buying your first home.
The tips below cover everything that a first time home buyer should take note of. Let’s give a look at them;
Compare selling prices
You can search online, consult real estate websites and get an idea of selling prices. Try to get all the information about the property beforehand and the price so you could at least know whether you’re getting what you’re paying for. You can take help of multiple listing service. The National Association of Realtors is helpful to compare selling prices.
Attend a home buyer’s seminar
Information on home buyer’s seminar are very easy to obtain. You can ask your friends and neighbours and also search on the web. If you couldn’t physically attend those seminars, join a webinar i.e. a virtual seminar. Make sure there are people with experience of home buying as they could give you valuable information.
Understand your needs
Don’t let your ‘wants’ suppress your ‘needs’. Your needs are the essential requirements while what you want are your fancies. When buying a home for the first time, prioritize your needs. If the home is not decorative enough but situated in a convenient location or inexpensive, go for it.
Mortgage options
Mortgage or loan is quite common for home buyers. When taking a mortgage, a piece of your property will be used against the loan amount as a collateral. But when opting for mortgage option, keep in mind what could be the value of your new property after some 10 or 15 years because in case you are not financially well-off to pay the loan or the interest, you’ll have to sell the house.
Find a reliable real estate agent
This is perhaps the most important part. An agent who is not so experienced, will not be able to help you. A good agent on the other hand will give you helpful advice, understand what you need and find such a property for you. You can ask for reference or straightway inquire them if they’ve sold enough homes to make sure the agent is worthy.
The tips above will help you buy a home that is worth paying money for. So follow these tips to make your first home buying a memorable experience.
Jack Crew is a financial advisor who has many years of experience in writing on mutual funds, stocks, insurances and savings. His blogs finance updates often feature news articles on recent finance updates.