A Mortgage Advisor’s Guide to Buying Your First Home
Buying your first home isn't the most simple process. Not to mention, it is one of the biggest financial leaps you will likely take in your life.
It is very likely to be the most significant purchase you ever make. Because of its long term ramifications, you want to take the process seriously. Below, the experts at Crawford Mulholland provide Finance Monthly with a simple guide to buying your first home.
Are You Ready?
First, you want to examine whether or not you are actually ready to purchase a home. Buying a home isn’t something that you should jump into without proper preparation and knowledge. While owning your own home might sound appealing, it involves a lot of maintenance and ongoing work. When you own a home, you are responsible for paying all of the repairs and you are going to be responsible for paying for the respective taxes, insurance, and everything else. Because of this, you need to figure out if you are financially ready for such a leap.
Budget For Other Costs
You want to be sure that you are factoring in the costs that you might not necessarily be looking at initially. There are plenty of costs associated with buying your own home that you have to factor into your buying decision including but not limited to the removal costs, stamp duty, the initial furnishing, the survey costs, the solicitor’s fees, and more. Make sure that you are factoring in everything when you are making a buying decision.
Shop For A Mortgage
Once you have decided that you want to go ahead and purchase a home, you want to shop around for a mortgage. This way, you will be able to minimise the interest rates that you are forced to pay on the mortgage. You will be able to search for some of the best mortgage rates online in order to find the best deal. You want to find the best deal because it will end up saving you a lot of money in the long run and you will need to look to see which type of mortgage would best suit your family.
Find The Right Property
When you are shopping around for your first home, you want to take the necessary steps in order to find the right one. Finding the right home is very important because you don’t want to make such a large investment in something that you are going to regret later on. Take your time to figure out where you want to live and find a home that is suitable for you to live. You should be looking at the different properties in the surrounding areas that you would like to live to see whether or not you can find a place that you would love to call home. Don’t rush the search process because it is going to dictate where you live for the foreseeable future. You want to factor various things in this process including how long the home has been on the market, why the property is being sold, and what is included in the sale.
Prepare To Negotiate
If you are going to be purchasing a home for the first time, you want to be prepared to negotiate. Without proper negotiating, you are not going to minimise the total price you end up having to pay for the property.
Overall, there are plenty of things that you can do to make the process much simpler. By following the tips above, you should be able to maximise your chances of finding a great home to purchase as a first time home buyer.