Ten Tips for First Time Homebuyers

Sep 30, 2013 Alice Dempsey Property Comments Off on Ten Tips for First Time Homebuyers

Read on the following article to learn about some tips, which may help first time buyers in finalizing their deals, and help them in saving some extra expenses?

The home buying process is not easy. The regulations and rules that apply make it complicated, so it is normal to have doubts where to start. These tips will be helpful for the first time buyers:

Find Out If You Qualify

You have to meet certain requirements if you are buying with a mortgage. The first step is to have a pre-qualified loan which will yell you if you are eligible to buy, and how much should be your purchase.

Buy the House That Best Suits Your Budget

If you have good credit, earn well and have little debt, you may qualify for a higher loan amount. You need to understand that what you budget for buying an expensive house is! If you expenses are high and you do not have much in your bank account then look out for smaller houses which do not involve much capital investment.

Accept the Offer Only When You Are Sure That You Like It

Do not buy a house on impulse. Vendors try to sell your house quickly, but you should not pressurize yourself. It is true that if you do not take the decision on time you could lose an opportunity, but better not take that risk to make an offer on a house that does not convince you.

Ask Questions before Signing the Contract

It is better to read all the terms and conditions before finalizing a deal and as questions in case you have any type of confusion. Get the contract signed by all parties. If you want to know what would happen to your deposit if the purchase is not made, ask the seller before making any payment.

Please Review All Documents before Signing

You need not always need a lawyer or a real estate agent to understand the basics of contract, but when you have any doubt, these professionals will help you. At first sight, a contract includes the date of deal, amount of deposit money, description of property, and penalties imposed.

Check the Accounts Before Finalizing A Deal

Total funding, i.e. 100% cash payment for the property is almost nonexistent today. You may find some schemes and special programs at the financial institutions, which will fund your home buying.

Know Your Duties as a Landlord

The list of the benefits of owning your house could be endless, but do not forget the obligations you have to abide by as a property owner. Among these, include repairs and maintenance.

Take Into Account Other Household Expenses

Taxes, which vary according to location and type of residence, and maintenance, are some of these issues. Check if there are any residents associations. The latter occurs in some communities and involves payment of mandatory maintenance fees.

Meet Community’s Restrictions

In many places, including the United States, there are very strict rules in communities. It is important that not only you like the house you will buy, but also the lifestyle offered by the community. However, beware; as such lifestyle comes with many restrictions. Investigate first!

Remember That the Final Decision Is Yours

It is you money and your decision, so do not allow anyone to dominate it! Make your own decision and finalize the deal without any confusion and doubts. Besides, you must know what you want in a home. It is good to ask for advice, but the final decision should be yours. Bringing family and friends who do not live with you will make house hunt more confusing as everyone has a different opinion.

Rashmi Karan is a professional writer who writes about the realty industry of India and focuses on offering location-specific information of the cities. She also offer solutions for the real estate related queries, for example: what to look out while you invest in house sale in Hyderabad.