Top Tips for First-Time Home Buyers
Whenever you are on the market or thinking of purchasing a new home, there’s a lot of questions that come to mind.
These tips are some answers to the most pressing questions that may be on your checklist.
#1 Time to purchase rather than rent?
Plenty of potential buyers plan for the monetary perks that come from buying a house rather than renting from a landlord. A few of the perks of buying are that you have the leeway to do whatever you like with your property, whether that’s interior design, tax breaks, and just the pride you might have from owning your own space. You also win financially and learn the advantages of an investment.
#2 Time to buy?
Financial wellbeing and employment security are two critical ideas that must be thought over before buying a property.
Answer these questions-
- Do I have stable and predictable career?
- Do I see myself in this reliable career for years?
- How is my credit?
- Am I punctual when paying regular bills?
#3 Will my credit score affect my ability to purchase a home?
Credit is a quick look into your monetary history. It gives you a number based on a number of things, like how regular you are at paying bills on time, etc. Having a lower credit rating does not mean you can’t get financing to buy a home, but it might mean that getting a lender will be slower than the usual.
#4 How much cash do I need for a down payment?
Talking through all of your concerns with your real estate professional is a smart plan. For a down payment on a home, lenders estimate that a first time buyer could have a down payment of 7% to 19% of the full price of the property. This is another part that can change and is reliant on the market at the time and term of the mortgage you require.
Upgrading to a home for the first time is a thrilling step forward, but it could also be complicated! Make sure to maintain contact with your real estate professional and your financial institution. Don’t settle on your home, find the one that is exactly for your family and make it your own!
