4 Tips For Buying Your First Home | Get Financial Freedom Tips | Transform Your Financial Future


Tuesday, March 1, 2016

4 Tips For Buying Your First Home

Buying your first home can be one of the most exciting times in your life. There may be many reasons that you have decided renting is not for you. Perhaps renting does not feel secure and stable enough for you. Perhaps you want the freedom to expand your property with renovations and new rooms. There is a wealth of advice available to potential homeowners but it can easily become overwhelmed. Read on for our five quick tips that others may not have mentioned.

1) Stay Up to Date

It may be common knowledge to do your research before buying a new home, but information can quickly become out of date. It can be important to be familiar with the competitors in your area. Research how much houses sold for in your area and that are similar to what you are looking for. But remember, the most useful figures are the ones that are from the last three months or less.

Buying Your First Home

2) Explore All Financial Options

Be sure to shop around for mortgage quotes and don’t commit to anything until you’re certain it’s the best deal for you. Secured loan lenders can be a first port of call to many people wishing to buy a home. It’s not always possible to go it alone financially and there are often benefits that come with getting support. Breaking payments into smaller, manageable chunks is a method that many first-time home owners swear by.

3) Don’t Skimp On Inspections

When you find the house of your dreams, it can be natural to want to grab it with both hands. Beautiful homes aren’t always what they seem at face value, however. It is important to be savvy and realistic. Never skimp on home inspections, simply hoping for the best. While thorough inspections may seem like an expensive and time-consuming outlay, it is false economy to skimp on them. There may be a very good reason that a dream house is going so cheap, for example. Or problem with damp may not be visible right now but could worsen within the year and be a huge expense after moving in. Allow for the time and expense of inspections and then you can move into your new home with confidence.

4) Keep on Saving

Buying a home is necessarily expensive but it is a common mistake to think this is the only outlay. Once you have found and secured your dream home and mortgage, don’t be tempted to stop saving. Repairs, general maintenance and unforeseen expenses can be a shock to the system if you’re not prepared. Even while saving for the home itself, be sure to put some extra money away and keep adding to it even after the move. A few repairs and renovations are to be expected within the first few years. You may even need to replace a few items lost or damaged during the move in a worst case scenario. Planning financially for these eventualities may not be as exciting as buying the house itself, but they will save you a lot of stress in the long run.

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