As the financial climate becomes less hostile, the housing market is becoming more a tolerant place for first time buyers. Buying your first home should be a joyous experience, signifying a milestone in your adult life. It is a fools errant to believe that this will be a smooth and unchallenging journey, as unexpected costs, unplanned events and everyday life provide difficult times, but there are some simple tips to follow to make the experience as fluid and memorable as possible.
Stick To Your Budget
Before you begin to search for your new home, it’s important to draw up a budget based on the combined annual salaries assigned to the property and the amount you are willing to pay.
It’s important to draw up a realistic budget, including any unexpected costs and stick to it. More often than not, first time buyers underestimate the costs assigned to a property purchase, from lawyer’s fees, to home repairs that need to be made. If you want to make a smart purchase, then you will seek to stick within your means.
Being smart with your money will save a lot of financial stress further along the process. Do not allow yourself to be bullied or manipulated into making a purchase that you are not completely happy with, or more importantly cannot afford.
One of the most beneficial steps to take when you are starting out it to use an online mortgage calculator, this will assist you in determining a realistic price for a house, based on your annual income and a 30-year mortgage. It is always helpful to document all of your budgetary allowances for reference throughout the process, to give you a clear understanding of spending.
Before you go shopping around and allowing yourself to fall in love with certain properties, it’s important to make a list of non-negotiable traits, whatever they may be, and do not compromise. For example, if you are really passionate about cooking and need a big kitchen, then don’t allow yourself to be talked into a house that had a small kitchen.
Have a clear definition of what is a necessity and what is a desirable trait to your new home, desirable things such as: more than 2 bathrooms or even a Jacuzzi in the back garden.
Leave It To The Experts
If you’re making a big financial investment, then it’s always wise to get an opinion or advice from an impartial third party. Before you make any drastic decisions, be sure to confirm with a property management expert, as they will offer you their expert opinion and advice that could have a positive impact on your final decision and purchase.
A great property expert or realtor will have good knowledge of the area you are looking at buying from, they will also listen to what you want rather than trying to push something onto you to make some money out of the situation.
Shop Around, Compare The Market
If you’ve fallen in love with a house in a certain area, it’s always a good idea to have a look at the value of your potential new neighbors. Evaluating the area can leave you up to the possibilities of negotiations in the final stages of the process. Knowledge is power, so make sure you get as much information as you possibly can.
Expect Closing Costs
Closing costs are one of those annoying added expenses that many people do not account for. These costs usually include the hiring of an estate attorney to look over the buyer-seller agreement that has been drawn up to make sure everything is ethical and above board.
These costs are to be expected but can vary quite significantly depending on the realtor/ estate agent you use. If you are unsure of any of the charges or prices you are paying, then be sure to consult with a property management expert and question the costs.
Don’t Underestimate Moving Day
After the long process of buying your first home, it’s a wonderful feeling getting your keys and unlocking the door. In this excitement it can be easy to forget how stressful and detail-oriented moving to another house can be. On your first night, everything is still going to be in boxes, but be sure to pack a box labelled “first night necessities” to ensure that your first evening in your new property will be enjoyable and slightly less stressful.