Buying the first house is the most exciting event in one’s life. But this event comes with specific dos and don’ts that you as a first-time homebuyer should be aware of.
Dos
DEFINE BUDGET BEFORE PURCHASES
Always have a pre-defined budget before purchasing a house. This budget should be as realistic as possible because you’re investing this money in your dream house. Always stick to this, for it’ll help you differentiate what you need and what you have.
GET A PRE-APPROVAL
Pre-approval ensures your credibility. It establishes that you pass the fraud checks by the lender. Your pre-approval is backed with facts and figures, which makes the mortgage process easier and faster.
GET A MORTGAGE-BROKER
A mortgage broker would be a great help in helping you find a budget house and in carrying out the necessary formalities. These brokers will help you in examining the property and also negotiating the prices. Their market researches are thorough and will make your purchasing process simple.
ASSESS THE NEIGHBOURHOOD
A good neighborhood adds value to your home. Adjoining parks, temple areas, gyms, garden areas, etc., make the surroundings more lively. Such family-friendly places are perfect choices for first-time homebuyers.
DON’T
FORGET THE SUBSIDIARY COSTS
Apart from the down payments, costs like origination, inspection, attorney costs, closing costs, survey, and so on should also be kept in the notice. As a first-time homebuyer, you should make a provision for these small costs as well.
SKIP NECESSITIES
Social infrastructure like schools, colleges, metro stations, railway stations, airports, hospitals should be at an adequate distance from the prospective property. A house just a bit far away from these necessities might cost you less. But it might not be a good idea for emergencies.
MAKE A BIG PURCHASE FIRST
Do not make the mistake of going for a big purchase like a car, furniture, etc., before purchasing the house. This might affect your savings and, consequently, your credit score. Keep down payment, credit, and income in mind before this step.
MISS HOUSE INSPECTION
Doing a thorough inspection of your potential property will help you secure a good place. Ensuring that the house you’re buying is perfect is always a good business. House inspection can also help you compare different homes and give you the best option for buying.
