Let’s face it, these days the dream is just to own a house first and think about its looks second. Buying your first home is such a monumental (and expensive) step, that it’s a good idea to slow down and think about what you’d like to have if money weren’t an issue. The more you focus on what you want, the easier it will be to get through the hassle of actually buying a property. The house you choose might not have everything you wanted, but with a little patience, you can still make it your dream house. Here is how you can go about buying the property of your dreams.
Determine your budget If you’re struggling to set aside some money while paying the bills and the rent, chances are you will have a difficult time keeping up with mortgage repayments. You also have to consider the property tax in the area, home insurance, and the fact that you will be responsible for home repairs. This is the step that traps most prospective home buyers, but you shouldn’t let it stop you. Use the time you have to get on top of your financial situation; pay off as much debt as you can and boost your credit wherever possible to increase your chances of getting a good mortgage.
Find out your options When you’ve calculated a budget for buying a house, you should seek out a reputable mortgage lender. While you could just use a mortgage calculator to try and work out most of these expenses yourself, it never hurts to get a professional opinion. You really can’t afford to make any mistakes here. The more money you have for a down payment, the better deal you can get. A mortgage lender will look at your income, how much debt you have, and how long you’ve been at your current job. They will also factor in your new housing expenses – mortgage, homeowners association fees, property tax, homeowner’s insurance, etc. – to calculate what you can afford.
Get as much information as you can When you’re looking at houses, ask your realtor as many questions as you like; they are legally obligated to tell you everything they know. You should also get an independent inspection before you sign any papers. A home inspector will look for hidden problems with the house, such as mold, termites, foundation problems and a bad roof. The inspection can save you thousands in repairs later on, and you may be able to negotiate a lower price if you know the home needs a new roof.
Make the house your home Once you’ve signed the papers, you can start turning the house into your perfect home. Paint it whatever colour you like, bring in your favourite pieces of furniture, and just add those little touches to make it truly your own space. After all, you’re going to be living here for many more years to come.
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