Moving into your first home may be one of your life’s champagne moments, but getting there can hardly be described as fun or easy. However, if you make sure you are prepared, it should be a little less stressful.
Picking the right mortgage
Speaking to a mortgage broker and your bank early on in the home-buying process is wise, as you’re going need real expert advice on the different types of mortgages that are available. This most often is based on attitude to risk and personal circumstances.
If you opt for the certainty of knowing exactly what your monthly payments will be, then it’s a good chance your broker will suggest a fixed-rate loan, which simply means that the amount you pay each month will remain the same for a set amount of years. These type of mortgages are not at all susceptible to any changes in the bank base rate.
Don’t Commit Before You Are Ready
Purchasing a home is an extremely huge commitment and very often a more expensive one than many homebuyers realize. Before you buy a home, make sure that you know precisely what you’re getting into. In addition to the infamous monthly mortgage payments, make sure that you take the time to figure out how much you’ll be paying for the homeowner’s insurance, property taxes, HOA fees (if any), and the other monthly costs associated with owning a house.
Sweat Equity Can Save You a Bunch
If you do indeed have the skills, the time, and the patience to live with debris and the dust for a while, do-it-yourself home improvement projects will save you a big chunk of cash.
Making A Down Payment Is Always a Good Investment
Sometimes a homebuyer will opt for 100 percent financing while investing their down payment money in perhaps the stock market. Putting some money down when you buy is always a good idea for most any homebuyer as it minimizes your risk and starts you off with some equity.
Home Value Will Be Affected By the School District
Even if you do not have any kids, it’s smart to check out a neighborhood’s school district before you buy a home. Living in an area that has a sought-after school system will raise your property value.
A land survey will answer any boundary questions
Before you make any changes to your property, it’s always a good idea to find out where the exact property lines are. You shouldn’t rely on the seller’s knowledge of the property, getting a land survey will clear up any uncertainties that you may have.
Make Sure That Any Renovations Were Done Professionally
Make sure to pay close attention to the aesthetic details of a house. This can be just as important as the structural details when having an inspection done. Quite often, do-it-yourself remodelers that are looking for a quick fix, will use low-quality materials that can turn into a problem for the future homeowners. It’s important to make sure that any renovations were done by a professional contractor that used quality materials. Inspecting details such as these up front is critical so you don’t find yourself shelling out more cash later on.
Finally, it’s a smart move to check out the police incidents in the area. Be sure to check out at least six months’ worth of activity data to get a very accurate picture of the overall police activity in what may be your new neighborhood.
Published on 2018-03-08 18:37:37
