If you are looking to buy your first home, then welcome to the real estate mine field! Seriously, buying your first home is full of pitfalls you’re going to want to avoid. But don’t worry, on this post you’ll find everything you need about buying your first house. So, let’s get started. Your first mission is to….
Research The Market
You don’t have to leave your home to do this. I know some people make a big deal of driving around the neighbourhood looking at the type of homes that are on the market. But welcome to the 21st century where everything you need to know can be found online. All you need to do is find a trusted real estate website and have a look at what’s on offer. Some will show the prices that they are selling and others will make you enquire. It’s important you know the average price of the type of home you want. The reason for this is it will stop sellers trying to gouge you on a price their home is not worth.
Deciding On A Location
Unless you are tied down by a job or personal situation, I recommend looking at real estate in different cities and even different countries. The chances are your dream home is not one neighbourhood away from where you are living. It’s probably not even on the same continent. If you widen your search, you’ll have the best chance to find the home that you truly love. There are some amazing places in the world, and if there is nothing stopping you, why not try living in one of them.
The Right Time To Buy
Some people believe there are certain seasons when it is better to buy a home. For instance, most people recommend you buy a home in the spring. You can do this if you wish but I have seen some great deals on property in the winter as well as the summer. Also, let’s not forget autumn. What I am trying to say is that knowing when to buy is not easy. You have to keep an eye on the market and wait for property prices to drop in the area where you want to buy. When that time comes, it’s time to put an offer down on a house you want.
Making An Offer
When you find a home you love, you’re going to put down an offer. It’s a well-known fact that an estate agent is obligated to take any offer you present to the seller. But, if it’s too low it will still be immediately dismissed by the seller and you’ll lose your chance. That said you should also not offer the asking price. Typically a homeowner will sell their property for a lot lower than this. Particularly, if the market is poor and they are looking to make a quick move. If you haggle and are patient, you won’t have a problem.
Paying For The Property
The final step, of course, is paying for the property. You’ll only have to pay a deposit upfront, roughly 15 percent of the asking price. Then, it’s time to get a mortgage deal so you should speak to a broker. They’ll find the best loan deal for you with a good interest rate. Again, it takes some time to find the right deal but once you do, you will finally have bought a house!
I hope you love living there.