Buying a home is arguably one of the biggest expenses that you’ll ever counter in life. However, it’s also one of the most well-documented processes and you can easily get help if you need it. In this post, we’ll be looking at a more practical approach to buying your first home and how you can streamline the process to save money and reduce the amount of hassle it takes.
Decide if buying a home is right for you now
Don’t just buy a home because it’s expected of you by your friends, family or even society. Not everyone buys a home and some are content with renting. Make sure you’re comfortable with the responsibility of buying a home because it’s a decision you’ll be locked into for many years.
Get your finances in place
You also want to make sure that your finances are in order. Get a credit check to ensure there are no outstanding issues and make sure you establish a secure source of income that can pay for your home.
Use a mortgage broker
A mortgage broker comes with many advantages. They can help you save time when looking for a good deal and they can also help you save money since they’ll compare lots of different mortgage lenders to help you find the best deals. They can often work with dozens of different lenders to compare prices and find one that suits your budget and needs.
Pick a place where you want to live
It’s important that you spend a lot of time choosing your ideal location to live. This is because it’ll change everything from school choices to job opportunities. Make sure you scout out each location and do a bit of research to help you decide on the ideal city or neighbourhood for your needs.
Decide on a type of property
You also need to decide on a type of property. While houses tend to give you more freedom, it’s hard to find an affordable house inside of a city. Instead, you’ll likely need to live in a suburb if you want a large house with plenty of space. However, if you prefer living in the city, you’ll likely need to pick an apartment if you want accessible transport links and other conveniences.
Make your offer
It can be stressful deciding on an amount to pay for your first home. It’s important to understand when you’re paying too much for a home, but you should try to make your offer compelling for the seller. Your estate agent should be able to help you with this process and suggest a good price to offer to catch the seller’s attention.
Understand that it takes a long time to finalize
Many people underestimate just how long it takes to finalize a home purchase. You need to keep in mind that it can take up to half a year or more depending on how careful you want to be. It can take weeks to find a suitable home and even more weeks to find a suitable mortgage lender.
