Buying your first home is one of the most exciting milestones in life. With great excitement, however, also comes a great deal of stress. As a first homeowner, you may find yourself worrying about the ABCs of purchasing a home and could find yourself feeling overwhelmed with the entire process. Fret not, for in this article, we look at the 5 best ways to go about buying your first home. Read on to find out more!
1. Decide On What You’re Looking For
Are you looking to purchase a second hand or pre-built home, or would you rather enlist the help of project home builders to build the house of your dreams? It is important to decide on which route you will be taking, as each one will come with a different set of tasks and responsibilities for you to look into. A custom built home will suit your specific needs to a tee, but will also take a lot longer to build, leaving you waiting for up to a year.
A pre-built home will be available to you almost instantly, but may not suit your needs as much as a custom built home would. Depending on your individual circumstances and needs, either or may be more suited to you. Take a little time to consider what you need and desire before making a final decision.
2. It’s Time To Go Shopping For a Loan
The next step when it comes to going about buying your first home is to go loan shopping. You need to get pre-approved before you look for a home, and this will assist you in settling for a particular price range. Always browse, and contact several people before finally settling for a loan. Get an idea of how much money you can borrow, and look into the various types of home loans available to you. This will give you a realistic idea of what you will be able to purchase, without sending you into a frenzy over the finances of it all.
3. Determine If You’re Ready
One of the most important factors to consider is whether you are actually ready to own your first home. Home ownership comes with a lot more responsibility and costs than renting, including taxes and insurance which you will be left to handle. Costs can add up quickly, and if you’re not ready to step up to the challenge, you may end up in a very negative position. This is why it is important to ensure that you are aware of all the responsibilities that come with owning a home and making sure that you will be able to keep on top of it all.
Always wait until you feel truly ready, and don’t be pressured into purchasing a home by your friends and family. Only you know when is the best and most comfortable time for you to own a home, so proceed with a fair amount of thought and caution before jumping the gun.
4. Look Into The Neighbourhood
One of the most important things when it comes to purchasing a home is to ensure that it is situated in a neighbourhood that can meet all your needs. Is it close enough to public transport so that you can go to work every day without having to trek for miles? Are there amenities such as supermarkets, banks, gyms and restaurants in the area? What are education and recreational facilities like? Always think about not just what you need now, but what you may need in the future as well. If you’re looking to start a family, it would be ideal if you were situated in an area that already has schools, playgrounds and parks that your children will enjoy in the future.
5. Find A Good Realtor
Last but not least, finding a great realtor is essential in a successful home purchasing experience. A good realtor will be able to listen to your needs and wants carefully and make recommendations to help you find the home that both suits your needs and is within your budget. A good realtor will offer you several options to choose from, and be able to negotiate terms that you are happy with. Always look to your friends and family and ask for recommendations on realtors to make the choice easier for you.
We hope that these 5 tips on how you can go about purchasing your first home come in handy for you. All the best in your house hunting endeavors!