Five Tips For Buying Your First Home
Buying your first home is about so much more than hitting the listings websites. This is a process that will take time and patience, not to mention some additional financing. Things are tough out there right now and we all need a little extra help to get to where we want to be, so here are a few tips when it comes to buying that first home.
Take Your Time To Find The Right Fit
Make a list of your must-haves and what you would consider settling for, and don’t let anything pressure you into buying a place just because you’re worried it won’t be there long. Real estate agents will always try to convince you that you need to move incredibly quickly to secure any home that you’re looking at. That’s their job, after all. However, it is important that you give yourself enough time to find the home that is the right fit for you and your family.
Stay Up To Date With The Market
Do your research and think about signing up to real estate news bulletins to make sure that you are not falling victim to a sudden rise in prices. The housing market can be tricky to get a handle on and the COVID-19 pandemic has caused an awful lot of fluctuation, so don’t fall behind on the news.
Know What You Can Afford To Spend
Before you start visiting any properties, make a budget so you know exactly what you can afford. Try to look as far ahead as possible to factor in any potential periods of unemployment or slowing of income for example. If you need to apply for a mortgage or a loan, be crystal clear on all the details of repayments and interest rates.
You should also take advantage of any programs that are there to help. Veterans can apply for a VA Home Loan, which can cut out a lot of the usual fees. A provider like Hero Home Loan can get you set up quickly and with minimal fuss.
Budget For All The Other Costs
Housing prices are going up and up but remember that the costs of a new home don’t end with the property itself. You will be looking at a raft of other outgoing expenses from solicitors to insurance, and that’s before you get onto everything from moving to decorating and renovating. These costs will vary from property to property, but you need to make sure that you have enough cushion in your budget for this.
Be Flexible And Ready To Move
Preparation and a clear list of must-haves are crucial, but you also need to remember that things can change at the last minute. The dream home you thought you were going to move into next week can suddenly vanish off the market. Keep your options open with some back-up choices. Don’t give up on properties that have someone interested who hasn’t closed yet, and make sure that your paperwork and finances are ready to move at a moment’s notice if you need to move quickly.