As with any firsts, purchasing a home is quite challenging
for first-time homebuyers. Often times, most homebuyers give up on their myriad
options, settling with the first house that falls within their budget range. To
make things easier for first-time homebuyers you, letâ€™s examine the factors
that you need to consider before buying a home.
First things first: do you really need a home? Does being a
home owner fit your future plans?
One thing that you have to ask yourself or talk with your
partner is the type of property youâ€™d want to buy. Should you go for a home, a
condo or townhouse? Make a list of the pros and cons of owning each choice
based on your goals. Â It also wouldnâ€™t
hurt to buy a second-hand propertyâ€”just know how much maintenance work and
money you need to put in before you can move in it. Consider the proximity of
the home to workplaces, safety and neighborhood as well.
Get an initial assessment on how much loan you can get from a
bank or financer before being able to buy a home. Real estate financers are
likely to assess your loan worth based on existing debt, monthly income and job
stability. Also, be practicalâ€”set realistic expectations on your â€œspendingâ€
Look at how much youâ€™re actually willing to spend, should you
be approved for a mortgage. The monthly payments may be affordable, but the
interest could be exaggerated. It beats the purpose of buying a home when
youâ€™ll have to pay double or triple the houseâ€™s total cost and be in debt for
Finally, keep your eyes and ears open too for secure
financing options provided by your state. Your state may provide housing grants
for first-time homebuyers.
Real Estate Assistance
estate agents are your friends when it comes to finding the right house and
financing option for you. Theyâ€™ll help you make an offer and process the
document requirements needed for the purchase. Most importantly, they can help
get you out of a bad deal. Find one who has a current real estate license
training and have obtained their certification for online real estate courses
from a reputable provider.
The Art of Making an Offer
skilled real estate agent will help you negotiate for a better deal for the
house youâ€™re eyeing on. They can help you come up with an advantageous offer
and present them to the seller or sellerâ€™s representative. A counter-offer may
be made by the sellerâ€™s agent to you and you can proceed in making another
offer until you and the other party have reached an agreement. Make sure that the
seller is aware of all your conditions before you agree to anything.
Hold an Inspection
Schedule an inspection before closing the deal on your would-be
home. Take everything that youâ€™ve been told with a grain of saltâ€”even if itâ€™s
stated in the disclosure agreement. Â Â
Get on with it
no problem arises from the inspection, then you can proceed with the purchase. Expect
to deal with a lot of paperwork relating to home appraisal, title search and
transfer and mortgages. The seller may require you to deposit a downpayment
before the house goes into escrow, which is a 30-day period wherein the house
will be reserved for you.
rough guide serves to aid you in buying your home, whether you have little to
no knowledge of how real estate purchasing works. Whatever property you decide on, it will all boil down
to whether your purchase meets the needs of yours and your family. After all,
home is what you make of it.