Buying your First Home. Things to know and think about!

Buying your First Home

Something that everyone takes for granted is that at one point in your life you will likely have to buy a flat. It can be a great feeling and one that you have to work hard for. However, few people understand or know what is truly needed to complete the purchase of your first home. You should take the time to research the steps to buying your home and you will have no issues putting up that photo on social media celebrating your home buyer status.

Find out what property you want? 

This may sound like a simple enough task but knowing what you want is key to the decisions you will make when buying you’re your first home. If you are a young professional, you may want to be looking for city center-based apartments or an NYC condos for sale with lots of opportunities and amenities nearby. If you are a family, a townhouse with multiple rooms and a garden will be more important to you.

As well as this, you need to think about other things such as proximity to family or commute time to your work. All of these factors will help you make your decision and can help you set a budget that you can stick to.

Getting a great realtor

Some people prefer to try and run the sale of their house on their own to avoid realtor fees. Many prefer to have the safety of experts and their advice. To find yourself a good realtor you should work industrially to read reviews and ask for recommendations from those you trust.

Having a realtor that you can contact with all of your questions is vital when buying your home. They can help you make strategic negotiations and step in when you need a hand. This can make the whole process quicker and easier for you. They ease the stress that you can go through and truly help you secure your dream house.

Financial limits 

There is more to buying a house than just setting a budget and working to build an excellent credit score. You will indeed need your savings on top of this, but you need to be savvy when it comes to your mortgage payments. It is pointless building up good credentials if you cannot afford to pay back the mortgage the bank can lend you.

You should treat your mortgage like a rental outgoing. Know how much you are going to be charged every month on top of your bills, your expenses, and any maintenance that the property will need. Once you own a property, all issues become your own, unfortunately. Equally, there are often additional fees that you are charged when buying a home such as realtor fees and survey costs.

Home Warranties

As previously mentioned, when you own home all breakages and problems need to come from your account. Typically, during a sale, the seller and buyer will negotiate any adjustment to the listings price based on damages or money pits that have the potential to cost lots of money in the future. To protect yourself from this, you should get a home warranty insurance policy.

Moving Fast

This can sometimes be the difference between securing or losing your dream home. When you go to a viewing or a listing, you will often be viewing the property with lots and lots of people. They are your rivals. You need to get an offer on properties that you like early, and it is worthwhile setting up alerts online for when properties that suit you become available in the area that you like.

See Something, Say Something

When something does not feel right, your gut instinct will surely let you know. When you are a first-time buyer, you need to be sure that the property you are moving into is right for you. Everything from little issues such as stains on the ceiling or a pinhole leak should be brought to the attention of the selling party. Not only will this allow you to discuss the issue with the sellers and it may reduce your fee, but it will also show the other party that you won’t be fooled.

Once those selling papers are signed, the problems are yours. It will result in you having to fork out more cash than you would like or may have to spare. Speaking up before you sign the dotted line can make sure that you don’t have to deal with these issues later down the line.

Be Prepared to Walk Away

Buying a home comes down to finding the right match. This can come through a variety of factors from work, family, location, and price. Having the strength to say no to properties, no matter how much you like them or want them can ensure that you are protected from wasting all of your assets in one well swoop.

Additionally, being able to walk away means that you won’t be pressured into buying a home that you are not ready for or that you don’t want. It may break your heart to let the property go, but it will be better for you in the long run.

Your Opinion is the Most Important

This fact can sometimes be hard to believe but when it comes to buying a property, it is doubly true. It is you that will be living there, and you that has spent all of your money to own it. This is not to say ignore everybody else’s advice but make sure to follow your gut and make your own decisions. Only you will know what property is right for you.

Buying your first home 

Buying your first home is a daunting prospect but one that you should look forward to. It is a huge process but the best reward. There is a lot to consider but with enough research, help, and advice you will be absolutely fine. Make sure to take your time and choose the right home for you, not anybody else.