Sep 10, 2015

Things to Keep In Mind When Buying Your First House

If you are a first time home buyer there are a couple of things you should keep in mind just before you decide on actually making a purchase. Buying a house is not a small investment and that is exactly why you should inform yourself as much as you can in order to try and avoid making any crucial mistakes. It is quite easy to make some oversights especially if you have no experience whatsoever. That is why we have prepared these couple of things that you should take into consideration when buying your first house.

Research The MarketThings To Keep In Mind When Buying Your First House by
This is the first thing you need to do before making a big decision like this. It is very important to know that the property you are buying is actually worth your money. Make sure to check the recent sales in that area. The best way to inform yourself is to talk to some real estate agents or perhaps some individual developers. You shouldn’t take advice from the developer or their agent, you need to make sure that you are getting what you have paid for. So take your time and research the market before buying, don’t rush things.

How much money is enough money? No matter how hard you try to inform yourself on this issue you can never get a clear answer. This is why it is important to have a steady budget and an emergency fund just in case. The sooner you start with saving up money the better. If you are looking to avoid paying private mortgage insurance keep in mind to save at least 20% of your future’s home value to use as down payment. It happens in some cases that if you wat too long for the down payment you end up getting a mortgage that is over 80% of the home’s value. And make an emergency fund at least a few months in advance in order to avoid getting surprised by some new sudden costs.

LocationThings To Keep In Mind When Buying Your First House by
The location of your future home is important for a number of reasons. First of all you need to check the neighborhood and the surrounding area to make sure that your future home has some important facilities nearby. This is something that many new home buyers overlook. Although it sounds amazing having a secluded house with no neighbors and no traffic to bother you, consider it from every perspective. If you don’t own a car, look to buy something that is well connected by public transportation. Also consider the distance from the first hospital or your job. Look if you have any shops and supermarkets nearby.

Maintenance And Inspection
Make sure that you get a detailed inspection of the house. Whether you are buying a brand new house or a fixer upper try not to overlook anything. Pay attention to small details and question everything. It happens and not so rarely that people fall in love with a house and fail to see the real condition of it. If you overlook some faulty installations or any kind of major issues you will end up paying double the money trying to fix everything that is wrong with it. Also consider the maintenance costs. Inform yourself of what s actually included and what is not. Make sure to check the house for different pests or termites. You should definitely thoroughly clean the house before moving in. There are companies that specialize in house cleaning for move-ins and move-outs. These professional services provide deep and thorough cleaning of every corner of your house.

Make sure not to miss these steps before purchasing your new dream home. It is quite easy to make mistakes and overlook a few things while making a purchase like this. That is why it’s important to inform yourself as much as you can and to try and cover every aspect of your new investment. This way you can start your new life in your new house as you have always dreamed of. 

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