So you’ve finally decided it’s time you bought a house. Buying a home is a nerve-wrecking experience, evermore for first time buyers. Though asking friends and family for tips may help ease the tension, some research on your part and these home buying tips can make the process go much more smoothly.
1. Set Your Priorities
You don’t buy a home just based on its looks. You need to look for one based on your priorities and needs. You may want a home near your place of work to reduce travelling time or a home with a garden as you love gardening.
Or you may need a home near a park so that you and your kids have some greenery to enjoy. It’s important that you make your choice based on your needs, and not wants, to ensure your home fits your budget too.
2. Set a budget
You need to first determine how much you can afford for your home. You have to pay not only the house costs, but other costs like solicitors’ fees, stamp duty, survey costs and house insurance. So calculate all this and stick to this budget no matter how tempting a house may be.
3. Check Your Credit
Most people will be buying their home with a loan; so you need to check your credit score first to ensure you qualify for a loan. Check your credit report and look for mistakes and unpaid accounts or collection accounts. Fist-time homebuyers should preferably have a lot of available credit and perhaps just used a third of their credit.
4. Pick a Location
You have to choose your home based on short and long term goals. While it may seem wiser to buy a home near your child’s school today, think about the future. Like if it will be easy selling your home if you have to move. Moreover, do find out more about the locality to avoid unnecessary expensive problems in the future like flooding.
5. Plan a Visit and Inspection
Don’t make the mistake of buying a home just based on photos you see in online listings. You also have to visit the house, and perform a house inspection to find out if there are any problems with the house like molding, leaking roofs and faulty plumbing system. You don’t want to bear the unnecessary expense of all these repairs upon moving in!
With the help of these 5 home buying tips, you will now be able to make a much better decision and choice while buying your first home.