5 Tips For First Time Home Buyers
Buying your first home is exciting but it can also pose many challenges and cause you to have fears and doubts. After all, it's a big decision and a big investment. It's understandable to feel a little nervous, especially when you've no experience in these matters. There are many things to consider and arrange and you hope that everything goes smoothly and according to plan. Here are some tips to give you some peace of mind to guide you along the way as you buy your first home.
🔑 Use A Mortgage Broker
Find yourself a mortgage broker as soon as you can. Get yourself pre-approved. If you know the home or the area in which you want to buy your home, this step will help to speed up the process. The lender can start the paperwor process and get everything in order and ready to go. Now, if you wish to put in offers, you don't have to wait because everything is virtually done and you can get the ball rolling without feeling rushed. The lender will check your credit score to see what's appropriate for you.
Make sure to be as honest with your mortgage broker when it comes to divulging any credit and financial information, since this will have a bearing on making the best decisions for you.
🔑 Take Your Time
Whatever you do, never feel rushed in any way. This is a big decision, so you want to make the best possible choice and have no regrets later on. Don't just jump in! Remember, there will always be more listings coming up every day. As the saying goes, you can always live to fight another day, so take your time and resist temptation!
🔑 Research The Area
If you're going to buy property in the area, make sure you do some serious research. After all, even if you're a young couple, for example, this home may be the place you spend the next ten years or possibly, the rest of your lives. Nobody knows, so you wouldn't want to make a mistake and live with it for many years. Learn about the community; find out exactly where everything is situated. Take a look at your lives and see what's important to you, then see if these important factors are close at hand. For example, do you jog? Do you like coffee in the morning? What if you bought a place and realized you had to drive half an hour for a cup of coffee? How long is the drive to work?
Check out shopping, schools, doctors, dentists and things like that. Check out the neighbourhood several times and at different times of the day. Is it safe? Is it noisy? Leave no stone unturned.
🔑 Home Inspection
Make sure to get the home inspected. This will give you some peace of mind that the property is in good shape and that the seller is up front and not trying to hide anything. Try to get this done as soon as you can. This way, there will be no sudden surprises. Many people have paid the price by waiving inspections. Home inspections cost a few hundred dollars. What if you had to have asbestos removed or you had to re-shingle the roof? Both of these will cost thousands of dollars. What if you moved in the summer and in the winter, your furnace doesn't work, or worse, there's a carbon monoxide issue? Pay the few hundred dollars for the inspection. Don't take the risk. To learn more about home inspection on a new home, visit BuzzBuzzHome for additional insights and information.
By now, you may have put a deposit, which is held but goes towards the down payment. Everything, assuming all went accordingly, should have been done and dusted, like most of the initial paperwork. Now, the seller signs documents and transfers the property to you, while you sign documents in regards to the mortgage agreement. You need to take care of other closing costs, such as to your lawyer.
Your lawyer will then take care of other payments and commissions and registers your name as the house owner and gives you the keys. Congratulations!