First-Time Home Buyers Checklist

Written by Erin Feldman Posted On Thursday, 01 June 2017 01:49

Do you plan on having your own home? Are you wondering where would you start first? It is really a tough challenge to those who are planning to construct their home for the very first time. It seems that you can not situate everything in the right place. The decision to purchase a house is a huge one; you should be proud of yourself if you decide to start looking.

 If you’re starting to look for a new house, here is a handy checklist that we’ve put together in order to make the process easier.


1. Know Your Purpose

The first thing that you’ll consider if you’ll planning to have your own home is to know what is the main purpose of it. Do you plan to live in it? Or do you want to purchase the property for investment? Once you’ve sorted it out, it will help you choose and determine where you should buy your house and what type of house you should purchase for your first-time-home-buying experience.


2. Consider Your Budget

Buying a house doesn’t come cheap. It’s important to know your budget prior to deciding to purchase a house. It’s also essential to estimate the hidden costs that come along with buying. For someone who is not into math, arranging an appointment with a qualified financial advisor is your best choice. Brokers can help you in calculating and providing information that is essential for you and will give you the best options to choose from.



3. Inquire for Property Prices Around Your Area

It’s important for first-time buyers to do some research so that they can a have knowledge in the area they’re considering to buy their house in. You should build a solid understanding of the up-to-date values of properties. Do a research from property websites around your country or area, it will help you decide appropriately, and talking to real estate agents around your area will help with this.


4. Know What is the Best Loan for You

You should know what is the best loan for you because not every loan is the same. There are variable loans where the interest rate changes, and fixed loans, where the interest rate is agreed for a definite period. And you can also acquire split loans, whereby you can fix part of the loan and keep the rest at the variable rate. Qualifying for a loan depends on how good your financial history is. For those who have choices, the best decision is to have a guidance from a mortgage expert that has a better understanding of your finances, credit history, and any other aspects that can affect your decision when you plan to acquire a loan.


5. Refer to a Mortgage Broker

Am I financially ready for a mortgage? This personal question is one of the most vital ones to answer when you’re considering buying your first home. To figure out these things, you’ll a need a help from someone who has knowledge in these things, and that’s where a mortgage broker comes in. Hatch’s ( expert mortgage advisers and a bunch of financial eggheads does the running around to explore all your options and will get you the best deal possible.

Rate this item
(0 votes)

Agent Resource

Limited time offer - 50% off - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.