Buying Your First Home
Monday Jan 30th, 2017
Are you a first-time home buyer? Everything is a surprise when you experience it for the first time. Your first home is the initial step into a whole new world of property. There are some questions to answer about the home you want.
Photo: depositphotos. New Home on road sign
Think about your lifestyle. It's essential to review all the characteristics of each location. You need to understand what your goals are and how the possession of real estate corresponds with those goals. Some people consider home ownership a symbol of their independence, others just like the idea of having the place to hang their hat.
Check your financial capacities and prepare your finances for the process. Both cash and credit are important to strike a bargain. Before you start looking for a house, make sure you have all the resources needed.
Weigh the expenses of owning. It's more than just a monthly mortgage payment. A number of diverse taxes and fees will definitely be added to your monthly payments. Estimate what the property taxes in different neighborhoods are, count the insurance fees, and calculate how much you are planning to spend on maintaining the house. If you are going to move to a new neighborhood or a new area of the city, it's substantial to take into account the cost of living in that region.
There are diverse mortgage deals to choose from, so picking the one suits you might become complicated. A mortgage might be affected by numerous factors. Think about doing some research and finding consultants.
Make a decision which option is better: to buy land to build a house or just to buy a house already constructed. Building a house which satisfies all your needs can be expensive. But renovating and remodeling an older house to meet your expectations can also cost an arm and a leg.
Look though all the available options while you are searching on the market. Find an experienced real estate agent who has connections of his own. Try to look though some real estate web-sites and take independent advice. Make a visit to the neighborhood you are interested in.
Another significant step is a detailed home inspection. The procedure can be pricey, but it does worth going through. A skilled home inspector can find hidden problems, estimate the repair expenditures and give good advice. It can help you learn more about the flaws of the building, such as mold, termites, construction issues, bad roof and rodents. You can even try to negotiate a lower price once the inspection is complete.
If you are satisfied with the home and its price you should be ready to close. Closing means signing a pile of paperwork in a brief period of time and hoping that nothing falls apart at the last moment.
Photo: depositphotos. Home Sweet Home Welcome Mat on Floor
The final stage is moving in. Pack up and move into your new home. Don't forget to change your bank account data and send your new address to your friends and family. Maintain your new home. Regular maintenance can lessen your repair expenses.
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