If you’re a first-time buyer, there are some essential things to consider when buying a house.
It’s a huge life-changing decision, both financially and in terms of lifestyle. Arm yourself with this information so you can make the best decision possible.
Outline Your Budget This step is important as it will help you calculate your debt to income ratio & to decide if the loan is feasible before looking at the estate market.
First Things To Do
monthly debt payments are not determined just by the cost of the home itself. It is also affected by mortgage interest rates, closing costs & various fees associated with buying process
Note on Loan
When determining your budget for a new home, be sure to calculate your new home expenses after the fact as well. Generally, 1% of House Cost is what is used.
Note on Budget
These are non-negotiable qualities of the home that you need in your life. These deal-breakers can make or break your decision to pull the trigger on making an offer.
Determine Your Must-Haves
Arrange the necessary docs to send to the bank into one place. statements for last two months, income & salary documents from work & other paperwork to prove your net worth
Gather Important Documents
Find the right real estate broker, or agent, as they can make or break the process of buying a house.
Find The Right Real Estate Agent
You can do this in various way, either online, by looking up private sellers or consulting multiple real-estate inventories in places that interest you.
Start Looking For A Home
Before making the offer, it is best to look into the repair history, plans, documents & any underlying issues. Once satisfied, you can finally make the offer.
Once You’ve Found A Home
Buying a house for the first time can be stressful. Finding the right one can add to your quality of life. Arm yourself with the information you need to make the best decision.