Everyone knows how tedious and stressful the process of home buying is. Especially if you are a first time home buyer, you may encounter several hurdles and troubles while searching for the house that best suits your needs. While the budget is an important key factor, various another aspects such as location, amenities, security, connectivity etc also can’t be ignored and contribute greatly in selecting the right property.
With such numerous factors to keep in mind, one may often get confused and stressed out which may lead to a decision which is made in a hurry and stress. So, the first challenging task for the first time home buyers is to keep themselves calm and patient. They need to wait for the right opportunity and need to research a lot. A lot of site visits may be required because you can't buy a property without inspecting all the elements properly. This may seem tiring and time-consuming but the results will surely not disappoint you.
Also, it is important that you have a proper guidance. Hiring a real estate professional for the process may be an option if you don’t have any such guidance from any family member, friend or relative who is potent to judge the aspects of the real estate market. So make sure to consult and discuss with a professional before you make a choice.
First time home buyers may also fall prey to clever tricks planned by the brokers whose aim is to make a profit for them. The chances of such cases increase if you are not well aware of all the ongoing in the market and are completely dependent on the broker. So make sure that you educate yourself about the market trends, property rates, project details etc.
We have listed some simple yet very useful home buying tips which will surely assist the first time home buyers to acquire their dream abode smoothly and hassle-free. Check them out and consider them before buying your home, which is a major financial decision that one makes in their lives.
Generally, the down payment rate is set at 20%. However, as this amount may often seem hefty, you can pay a little less rate at the down payment. But, paying the less rate at the down payment mean that the tenure of your repayment will be extended to a long time or the installment may be set higher. This may be problematic in a long run and may pose financial issues in future. Therefore, it is advisable to pay at least 10% – 20% during the down payment. For this, you need to start saving early so you have a considerable amount ready and do not face any financial crunch.
Look for the assistance program
To help the first time home buyers get their dream home, many assistance programs are offered by local and state government. Search for any such assistance programs available in your locality or state and make the best use of it.
You don’t want to be trapped in a bad deal. So, it is highly advisable to check the house you are planning to buy thoroughly. If you feel there is some major repair work needed, you should tell the builder or the seller so that it doesn’t bother you in future. Carry out a home inspection and make sure that everything is in place and same as mentioned in the deal.
You need to know exactly how much you can afford. Once you are done with planning your budget, make sure you stick to it. Do not fall for anything which is beyond your budget. It may look impressive for a while but you will end up saving very less for the expenses that follow home buying. You want to design, furnish and equip your home in your own style, right? So you need to save for that too!
Keep the future needs in mind
One doesn’t buy a home every few months or years. Therefore, buying a home is generally a long-term investment and you need to be strategic about it. Keep the future needs in mind and look for a house which is not only suitable for you in the present time but will also be suitable for the future, a long-time investment!