5 Tips for First Time Home Buyers

Are you a first-time home buyer desperate to enter into the real estate market? Listed below are the steps to consider to assist you to determine whether you're ready to make the leap.

  • Hunting for a home in your dream location however, not quite sure you can believe the cost price? Examine the prices of similar properties in your area. You can browse or search in our website to get a general idea of what you should expect to pay.
  • Check how much you can afford. You simply will not purchase the most expensive home you are able to afford, however, you still would like to know what your maximum limit is. You don't want to waste your time and effort considering homes you can't afford, and you also wouldn't like to bypass homes you thought you could not afford but which might actually be within your reach.
  • Purchasing a house is an important decision of a lifetime and also the money involved in it is massive. For this reason, it becomes even more essential for most of us to seriously think upon various elements prior to taking a home loan. Actually, you are able to take the appropriate decision only if you know how much you have to repay each month.  Which includes your home loan EMI,  insurance cost and monthly outgoing to the society.
  • Normally, banks  would demand some amount to be paid upfront as a down payment mainly because banks usually do not provide a 100% loan. A down payment simply put is the difference between the purchase price of a property and the mortgage loan amount. Usually, down payments range between 15% to 20% of the total property's value. There isn't any upper limit to the amount you can pay as down payment. All depends on what cash you can manage to set aside. The greater you are able to pay as down payment, the lower the amount of loan taken from a bank, resulting in easier monthly installments or shorter loan tenure. Make an effort to put down a significant amount of down payment.
  • Buying real estate property is an important decision. For first time home buyers, real estate agents are extremely beneficial since they are very knowledgeable about their local area, and can suggest locations that match their needs.

When searching for a real estate agent, you should be very careful as to who you will be hiring. You don’t want to end up being screwed out of your money. Hire a company with references, and seek information beforehand.

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