Buying a house can be pretty overwhelming and stressing especially in the current world where many people prefer a fancy house like the ones we see on TV or from our close friends and relatives. However, it is important for one to keep in mind that, prior planning can get you a house that you will never regret buying. If you are in such an overwhelming situation of struggling to make a decision on which house to buy, worry no more. Here are some of the best helpful tips for first time buyers;
Tips for first time home buyers
One of the most important tips for the first time buyers is saving, once you start thinking about buying a house, save for it. Proper saving can land you your dream house. While saving for your dream house, it is wise to take into account of the costs required which include;
• Saving for Down payment
It is important as well to take into account on the type of mortgage you could like and its down payment requirements. Therefore for the first time home buyers you could be able to start on saving for the down payment first. Conduct research on the total amount of the house you could like to buy and then calculate the down payment that could be required and the save for it.
• Closing costs required
In order to complete your mortgage, there are some fees you are expected to pay, it’s therefore important to as well calculate the amount of the closing costs that will be required to complete the mortgage you had chosen earlier and save for it.
This is the amount of expense required for such things as repairs which might be available in the house before you move in and/or the furnishing and decoration expenses.
Therefore, for the first time home buyers it is important to calculate all these expenses and save for it. Saving can be quite challenging but you should commit yourself and sacrifice in order to save a reasonable amount that will determine the type of house you would purchase. You can as well research on some of the best saving methods or consult financial experts.
2. Affordability decision
Before purchasing a house that you like, it is essential to determine whether the house you want is affordable depending on your income and some other expenses that will be required after purchase like for example the maintenance fee. You could as well conduct some research on affordability decisions. Do not purchase a house that you could not be able to afford.
3. Consider a Loan option
We all need loans for financial boasting, don’t we? Well if you do not have enough amount to help you get your dream house, you could as well research on a loan option that could boast you to pay for your dream house as you decide on how to repay the loan after purchase. In this case you can ask for financial advice from experts on the type of loan to take and the repayment methods. Do not take a loan that is much higher than your income, only consider a loan that you can be able to repay back.
4. Ask a Real Estate Agent for legitimacy
Always consider dealing closely with a Real Estate Agent, ask them relevant question concerning the house you want, where the house is located, security of that particular area and how to make the payment for purchase including the payment options. This way you will be sure about the house you are going to purchase.
5. Do thorough inspection
Before making a payment offer for a house, make sure you conduct a thorough inspection to ensure that the house is in good condition, everything is intact, no cracks, no electricity leakages and many other things that can be of any concern in the house. Investigate if the house is built on the right land without issues, for example someone can decide to sell a house which is built on a government land which can be demolished anytime. Therefore, it is important to do a thorough inspection about the legitimate of the house before making a payment.
Reach Us for Residential Property in Pune
Reach us at Ahuja Realtor for residential properties. Ahuja Realtor is one of the biggest and reliable Real Estate Agency that was founded by Mr. Anil Ahuja on 15th June 2006, where our main purpose is to provide professional guidance to our customers on Real Estate purchases.
Ahuja Realtor is a registered Real Estate consultant with the Real Estate Regulatory Authority (RERA) and widely known for its effort and professional Real Estate Properties assistance. We are a trusted organization that will satisfy your needs as required. Visit us for more information and financial advices. You are always welcome.