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Home Buying 101: How To Buy Your First Home Without The Stress

by bob.g (follow)
Home (99)      Selling (8)      Moving House (5)      Buying (5)     
Buying a home can be the most wonderful and exciting time of your life or it can be stressful, disappointing and difficult. By following a few tips from others who have gone through the process, you can increase the odds that your experience is more like the former. By planning, discerning, and outlining what you want and how you plan to get it, you can make your home a dream come true. Here are some tips to help you along the way:

Image by MarkMoz12 via Flickr CC


Create a Plan

The plan should include a budget, the deposit, the loan and the process for buying your home. The budget should be no more than 28% of your monthly income. Many people plan to spend significantly less in order to manage risk. Plan to save money for your deposit. Remember, the higher the deposit you save, the more you will be able to spend on your new home and the easier it will be to get financing.

The plan also should identify what geographic area you are interested in. When selecting a location, make sure to take public transport, schools, shopping, work and other conveniences into consideration. The high cost of petrol may prevent you from choosing to live too far from the places you go to every day.

Think through what kind of house you want and what characteristics are on your list. Then divide your list into must haves and wish list in advance so that you will truly find your dream house. Think about the number of bedrooms and bathrooms you need. It is important to identify things like lot size, number of stories, size of the rooms, state of move in readiness, work that needs to be done, etc. Being clear about what you must have saves a lot of time and energy looking at properties you donít want.

Image by MarkMoz12 via Flickr CC


Broker or No Broker?

If you are a first time buyer or someone who is interested in having a partner in the buying process, consider working with a mortgage broker. A broker often knows a lot about neighborhoods and individual properties. They also have a lot of knowledge about things like home loans, deposits, and purchase contracts. The mortgage broker can help you to identify a home that meets your requirements in the location you identify.

Loan

It is important to shop for a loan. You may want to start with your current bank. Look at ads in newspapers and magazines and ring a few lenders to find the most competitive products. Then, apply for pre-approval. Pre-approval helps you more attractive to sellers.

Image by MarkMoz12 via Flickr CC


Find the Property

This is the fun part. Either work with your broker or start checking listings in papers or online. If you are working on your own, find the properties that best match your criteria and set up appointments to see them. Make sure to compare them to your must have list. If you have a broker, your broker will help you find listings and will set up appointments for you. Pick your dream home.

Do Your Homework

Set up a professional inspection of the property to make sure that no major issues with the foundation, electrical, plumbing or any other area of the house. You may have to invest $300 to $650, but it is money well spent if it prevents you from buying a lemon. If the inspector finds something, often the homeowner will give consideration to fixing it in the asking price or fix it outright in order to sell the property.

Follow these steps and have a great experience buying a home.


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#Home
#Selling
#Moving House
#Buying
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