Five Essentials Tips for Homebuilders
Closings costs, pre-approved mortgages, interest rates. Just the terminology of house hunting is enough to send the more seasoned homebuyer into a spin.
And if it’s your first time on the market for a home, the buying process can seem all the more daunting.
But a few simple tips can take the confusion out of the process for first-time buyers. Take these five steps to make sure your first house hunting experience isn’t a stressful one.
- Save, save and save some more.
If you’ve got to this stage, then it’s likely you are already a master money saver. You already know you’ll need enough to cover the initial deposit, but there are several reasons why you should have a little extra up your sleeve. This buffer will help cover any unexpected costs in the event that interest rates rise and your mortgage repayments increase. As a guide when working out your budget, do not commit more than 30 per cent of your income to housing costs.
- Be prepared for the inspection.
Take a digital camera along to the inspection and make plenty of notes about the property as you are walking through it. Give each property you see a rating from 1 to 10, taking into account factors like the location, your budget and whether any renovations or repairs are needed. It is likely you will be viewing several homes over the course of a weekend and this is a simple way of pinpointing the ones that are worth adding to your shortlist.
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