Although the process of buying your first home may be fraught with pitfalls that could render you bankrupt and homeless, there are very many ways to avoid them and come out unscathed. Millions upon millions of people have been through what you are going through; they survived the ordeal and lived to tell the tale. That is the good part; there is so much material available to guide you through your first home purchase.
What you need to realise, however, is that the very first thing you need to do is NOT go on Instagram and try to find the cutest house you can online. There are several other practical and pragmatic steps that you need to take even before you start fantasising about owning that beautiful flat in London. Here are the 3 most important steps first time buyers must remember.
Get your finances in order
Without this step, you are going nowhere rather fast. You need to know just how much you can afford to comfortably pay in terms of mortgage payments before you even make an offer on your dream house. This step involves getting pre-approved by a financier of your choice. You also need to run a thorough and clinic audit of your monthly expenses.
This will show you how much you have left over for your mortgage payments. As a rule of thumb, do not go for payments that will put a strain on your finances. The law of averages shows that at some point, you will fall behind on those payments and end up stressed financially.
Meet with several lenders before deciding on one
There are very many different deals available for first time homebuyers in the market. The problem is that you will never know what is out there unless you personally go out and discuss the options with as many lenders as you can find.
At the very least, this will save you a great deal of money when it comes to interests and duration of payments. You may even find lenders who require less down payment and offer better mortgage terms than your local bank.
Talk to an estate agent
Although there are very many different avenues through which you can find a home to buy, as a first time homebuyer, you will be ill advised to go it alone. This is a time when you need the expert and experienced hands of a successful estate agent.
Find someone who will have your budget as well as dream house in mind. A good estate agent will go to great lengths to find you something that is not only within your price range but also poised for an increase in value. They may also have several leads where lenders are concerned. All in all, a good estate agent is a wonderful resource you can call upon as a first time homebuyer.
These 3 first steps for first-time buyers will help you avoid a lot of unnecessary drama and risk when looking to get into property investment. Who knows, you might even develop a taste for it; only if you succeed at the first attempt.Tags: 3 most important steps for first homebuyers, 3 things first homebuyers need to remember, first homebuyer tips