The first home purchase for a beginner can be proven process very difficult and time consuming. There are many issues that one needs to know to be well prepared for the purchase of a house and is quite legal and financial issues to be addressed during this course. To prevent yourself before you experience nasty surprises, we give a list of 10 tips for first-time homebuyers, which will help you greatly:
1st – How much is your finances reaching?
When looking for a new home, it is very easy for your financial budget to exceed the limits. It is easier for you to target your search to the amount of money you can really spare. Make sure that in this money you’re including any extra expenses, such as taxes, estate agents commissions, insurance, bank charges, etc.
2nd - Residential area - Real estate agencies
Narrow your search to the area you prefer for your new home and work with a real estate agent in the area. It is important for everyone, the new house is located in an area that would like and can live in it. Local estate agents have all the information necessary to enlighten you about.
3rd - Housing type - Purpose residence
Always keep in mind the type of home you want to buy and your intention to reside in it. For example, a family would choose an independent house with many rooms and a yard for children to play. Otherwise, one may wish to buy one house on an island, even in another country, to make permanent his summer vacations. These are different cases and certainly directly affect the financial aspect of the case.
4th - Ready house - Under construction - Repairs
There are many ready-made houses in several convenient prices, but also there are some under construction homes which can be more affordable. In some cases also can be found a little old house, which need some repairs, but the price is extremely low. The final choice is yours!
5th - Prepare Your Credit - Banking
Buying a home is one of the largest cases of bank credit and so it should be perfectly prepared, both bureaucratic issues and economics. You should have in advance made a search of the largest banking groups of the applicable rates and the necessary documents they need.
6th – Don’t do other large openings simultaneously
Trying to bring the ride with many open credit fronts, it's like you put in the Hydra! Try to be consistent in your other obligations in order to escape the risk to get a bad image against the bank. This can be an upside down on your home market.
7th – Down payments
In many cases, even of credit procedures, a deposit is required to implement the purchase of a residence. The amount of the advance may be up to 25% of its value, so it is important to have some money already ready to spend.
8th –Paper work
Bureaucracy in the real estate market is important, both in volume and in time. Prepare the necessary documents in order to minimize the time you spend on tasks such as, notaries, lawyers, legal issues, etc.
9th – With the key in hand
Get ready for your move to your new home, only after you complete the purchase! A good legal help from a lawyer will ensure that you will not have to wait long until all proceedings are completed.
10th - Love the house you are buying
The most important purchase of your life is in front of you and one thing is for certain. That if you love the house you are buying, it will love you! Make your purchase with passion and the result will reward you!
We hope this mini guide of the “10 tips for first-time homebuyers” has helped you to make the right decisions on the purchase of your first home! Good search anywhere in the world you are looking for!