There’s always been first time for anything – that includes buying a house. There are milestones for you to reach before you take on the next ones: Looking for the right property; dealing with the right real estate agent; taking the right mortgage to finance your purchase; it can be daunting, really!
But fear not, this article can help shedding some light to your problem: Here are MoneyEstate.com’s top 5 tips that can help you in the process of purchasing your first property…
1. Compare, compare, compare!
When you are looking for the right property to buy, the first and foremost thing you should NOT do is to rush things. Please bear in mind – the cool property you are looking right now is not the one and only; there are 100s of others – and chances are, there are dozens of them better than the property you are viewing right now.
Be sure to use the Internet to look for properties and compare their prices and so on. Take your time.
2. Talk to the right real estate agents
When you have no idea about the local area, the best bet for you is to contact a local real estate agent. But before you partner with anyone, be sure you are connected with the right real estate broker. Is he/she knowledgeable about the surrounding area? How about the future prospects?
3. Hunt for bargain!
A shiny, good looking house is likely to be priced at or above the market price. You might want to consider a decent looking house that needs a bit of repainting, repairing, and such. This type of house is logically priced lower than the houses in top condition.
You might want to calculate the costs to fix things and see whether it’s a viable option to take.
4. Drive around the neighborhood
A house might look fantastic, but how about the surrounding area? How’s the noise level? How’s the community? How’s the upkeep and maintenance? Be sure you understand that the local neighborhood can impact the worth of the home you are interested in.
Is your house in an area with good schools, health centers, community centers, and vibrant local business? Your house’s prices can be impacted by the local facilities, too. Plus, it’s always great to have everything you need nearby!
5. Can you really afford it?
Some people have the luxury of having cash to purchase a property, but most of us don’t. The best route for the rest of us is by taking mortgages. We recommend you to explore first time buyer mortgages options. Banking and other financial institutions typically has mortgage products tailored to specific needs, including first-time property buyers.
A good rule of thumb is for your monthly mortgage payment s not to exceed 40 percent of your monthly income. Calculate everything, including the fees related to taking a mortgage.
So, there you go – 5 tips that we hope can help you secure your first property. When you are in doubt always talk with reputable real estate agencies and always look for second opinions. You can’t afford to buy a wrong property!