10 Tips for first time home buyers
Being a first time homeowner of a property is an attainable goal for consumers that carry out their time to settle down and organized themselves to do their research. Today, we’ll share some smart moves that can guide you on the path of buying a new home successfully.
Check your credit (and do something about it)
Understanding the direction where your funds are coming from and pulling free credit reports from all the agencies like Trans-Union, Equifax and Experian.
It is very necessary to take a deep lookout for your past-due accounts that might have gone to collections or errors liabilities can create roadblocks when you apply for a home loan. If they are anything that you feel uncomfortable with, feel free to contact the creditor to see if you can sort it out.
Nail down your budget
They are something’s you most consider: maybe you buy houses that are below your budget; you’ll actually have the leverage to be walking above asking price in the event of a bidding war, unusual occurrence in the current market.
In budgeting, don’t only think about how much can afford the house but think about how much in recurring costs you can handle once you’ve purchased your home.
Think about the three primary monthly expenses of homeownership, you will also need to cover utilities, possibly HOA, Mortgage, insurance and property taxes. The idea to put aside small savings that enables you to save money regularly, when buying a new house in case of maintenance and unexpected repairs.
Establish your financial plan
Having a budget in place before start your home search this helps you to your mind more on search and saves you lots of time and energy. Sometimes you might even come across so many options to pick from, but with a budget, you would be saved from all that stress.
In the Federal Capital territory, the first question every agent ask you as the person inquiring for a property is “What is your budget?” this is because it gives the agents ideas on the kind of property he or she wants to buy.
It is difficult to purchase a property like trying to chop down a tree with a kitchen knife it will be too stressful. So make sure you have a budget before you begin your search.
10 Tips for first time home buyers
Get finances in place
You should able to document to potential lenders that you have a stable source of earnings regardless of your income level.
In addition to review of your credit records your liquid funds and overall financial health, the lenders of the property is typically looking at your bank statements from the few months of your transactions when assessing your application.
Create a credit plan that will enable you deposits into your savings accounts from other assets such as a down payment gift; this should be done before that 60-day window. This gives the funds time to “season.”
It is better to avoid opening a new credit accounts or loans, or racking up more debt, at this stage. Because can dining the activities of your credit report.
Consider your needs and wants
It is very necessary you have an ideal of the address and location that takes more time than you expect, so it is better that you begin scouting neighborhoods early in the process of you search.
Drive and walk around that area at different times of the day and night and also ask people around the area questions. This can be very handy when you have a feel for what you like and dislike.
When you are done with pinpointing of the neighborhood, you can now is a take a good time to narrow down your preferences for the house itself.
Now the next path to take is what kind of apartment are you looking for? What are you compromising on? Are they any deal-breakers? These are things you should consider on your mind think about the thing you like and dislike about you are currently living this will help inform your list of needs and wants.
Research the Neighborhoods
To check if a neighborhood is the good for your health and stay, it is very important to make research on the type of area you want live in. Like I said earlier, researching and deciding on a budget both aid in refining your search.
Your search makes it easier and the work of the person assisting you to get the property of your preferred location once you have a budget.
When making your research, sometimes you want to take into records of few things, like how close is the market place, your children’s school (if you have any),the hospital and your work place these things most also be considered
In addition, determine and observe very well if the neighborhood has reliable power supply, clean water, a good access road and tight security.
10 Tips for first time home buyers
Hire a reputable real estate agent or company
It’s easy to achieve your house buying plan successfully when you are working an agent who is an expert and understands the market very well with good negotiating skill to assist you when it comes to negotiating negotiate properly with the owners of the properties you are buying to get you the best deals possible.
It is also very wise that you make good research on the agents you want to work with because they are lots of fraudulent people claiming to be agents waiting for you to fall into their traps.
So it is very important to do this proper research, you don’t want to be victim of these scams. Also buying from reputed company is another safest way for you not to fall victim of scammer
By so doing you can always report back to the company if there is any concern, you could always direct your complaints to their office. But nevertheless whatever decision you’ve made try to do a proper background research on the people or company you want to work with.
Read: 10 Real Estate Companies In Lagos State Nigeria that you can trust
Always Go For Inspections
It is very important that you always go for inspections. When an agent sends you details of new listings, always make sure you go for supervision don’t just assume based on what the person handling your project says.
Nobody know what pleases you the most, you know what you want and how you want it to be like and that is the truth as it is commonly says “nobody knows your taste better than you”.
Ensure that everything in the house is working as it should, but this can be only done when the building is already completed. For off-plan projects, supervisions are very crucial because you get to monitor the building process.
Consider the Long-Term Benefits
Whenever you want to buy a house don’t just conclude base on what you seeing, you should base you conclude on the potentials of the development of the place. You should also consider how the area may develop in years to come and how it may impact the value of the property you are buying.
Do Not Rush Into A Decision
Rushing into a decision may cost you a lot of damage of buying a property that is not convent for you, that is why we advise that you take your time while looking the type of home you are buying, do not allow anyone pressured you into making the wrong decision.
Conclusion
In conclusion to this article, they are many thing that a first time home buyer should be looking out for are. You most to be very careful so you won’t fall into the hands of scammers.
I’m very confident that this information given above are very effective for a first time home buyer if they are followed effectively, it would be very hard for someone to tell that you are a first time home buyer. Good-luck