Moving into your first home is one of life’s ‘champagne moments’, but getting there is not a smooth drive. By being prepared, you can find the exercise less stressful and easy to handle. As a first time home buyer the mortgages, the property market and everything else can be confusing. So don’t get confused just focus and some tips will help you go through the whole process without any hiccups. Before you go in for the property, do a considerable amount of research and check out the local market. As a first time home buyer you may navigate a process which may include excitement, confusion, frustration and uncertainty.
If you are planning to buy a home your first step should be to check your credit. Familiarize yourself with your credit history and make sure everything in your report is accurate. This will help you to improve your credit score before you think of buying. If all is well then keep it that way don’t max your credit card at furniture store after you sign a contract with bank for a loan.
Hire a good team- Buying a home for the first time is fun but at some point you will be overwhelmed as to what next, so you need to be surrounded by pros to guide you at every step. Find a reliable and experienced estate agent, a reputed mortgage professional and a real estate attorney if you can. Who you hire is one of the most important things.
Deposit requirements- You need to have the down payment for the deposit ready, 10% minimum, could go up to 20%. So don’t be confused; be prepared.
Legal Requirements- What legal fees you have to pay? That is also important; you should get everything done properly.
What is Stamp Duty- Stamp duty is the state government’s tax on sale of land or property.
Mortgage Applications- Better to leave it in the hands of a professional as this is a real confusing aspect. Discuss everything with your advisor and see what best possible loan/mortgage is suitable for you.
What is Purchase Agreement- This covers the amount you offer and other details like, what stays, or who will bear what charges etc.
Should you have the home inspected? Yes you should never buy a home without being inspected. Ask questions if there is a problem the seller may just adjust the selling price or offer to pay for the repairs.
Once the documents are signed and the cheques are exchanged, you get your keys. Any number of people can attend the closing of the deal. So no confusion; it is a simple process if followed correctly.
Read More About…………Smart Home Loan Tips for First-Time Home buyers