The current state of the real estate market can offer a unique opportunity for buyers looking for their first home. Prices have dropped considerably, there are a large number of properties for sale to choose from and the bargaining power of buyers is very high. However, some basic points should be taken into account when buying a first home.
Tip 1: What is the budget?
It may seem like a no-brainer, but it's surprising how many buyers don't start by figuring out how much money they have to buy a first home. It is easy to "fall in love" with a home that has been visited and forget the initial budget, but why waste time looking for homes that are financially out of reach?
Before hiring a mortgage, you have to make sure you fully understand the monthly expenses we have, as well as make a projection over time of the income we receive. All factors must be taken into account: the security of our job, the possibility of salary increases or cuts, the mortgage rate to be applied, etc. In other words, it is about analyzing the numbers and finding out if we are going to feel comfortable with the mortgage we want to take out.
Although there will always be unforeseen events, the objective is not to have to worry every night about choosing between paying the mortgage or, for example, undertaking repairs or works that occur unexpectedly. You have to be able to cope with both.
Tip 2: You have to be realistic about what you want the future home to have.
The key here is in the word "realistic." From the budget we have, it is advisable to make a list of what we would like the house we are looking for to have.
Research is helpful in making this list. It is highly
recommended to take a look at other houses in the same price range and see what
features they have. For example, if we see that the homes we are investigating
do not have a renovated kitchen or storage room, it may be logical to think
that it will be difficult for our home to not have them either.
In addition, the list can always be updated later if we are lucky enough to find the apartment with everything we want.
Tip 3: Carry out a technical building inspection of the home you are going to buy.
The objective of carrying out this building inspection is to determine the state of all the elements of the property: the mechanical systems, the general arrangement and the aesthetic-environmental conditions.
Professional Home Inspection certificates (IPV certificates) can therefore be a decisive factor in closing a purchase-sale transaction. For the first-time buyer, this certificate assures the security that the property that interests them is in perfect condition, or perhaps the possibility of raising a possible discount if there is a defective element.
Tip 4: Understand the true economic cost of owning a home.
Sometimes first-time home buyers are so aware of the buying process that they forget what happens after they sign the contract. In reality, the most common expenses start after you move into the home. In addition to the mortgage payments, you have to pay the corresponding taxes, home insurance, and community fees. But forget about the maintenance problems that arise from time to time.
These expenses are one more reason not to invest every last currencies in the mortgage.
Tip 5: Apart from the house, the neighborhood is important.
Although it is something that few do, it is advisable to talk with neighbors to obtain information about what it means to live in that community. Bad neighbors can affect the value of the property and even turn everyday life into an unpleasant routine.
In short, there is a lot to think about when buying a first
home, but remembering these tips can help make the process more comfortable and
the objective clearer. Faced with such an important step, we have to take our
time, investigate and not let anyone pressure us to buy a house with which we
are not completely sure. Contact Exceptional Building Inspection team to
conduct pre-purchased building inspection service that will help you avoid
additional expenses and to ensure that the house is in perfect condition once you decided to purchase it.