Tips for First Time Home Buyer

5 Tips for First Time Home Buyer So house shopping in your mind! Buying our first home is probably one of the biggest and most expensive deals we’ll ever make. So don’t worry if you’re excited or a bit of scared, it’s obvious with the first time buyers. Before you start to dive into house hunting consider these basic and useful tips especially for first-time home buyers in USA. Set Your Budget

How much house you can afford is one of the significant considerations for first-time home buyers.

Shopping for a home is quite expensive and it all depends on your income, monthly costs, and other variables. First, check that your monthly income makes you qualifies for a loan or not. Also don’t forget your major expense like any loan payments, insurance premium etc when you are budgeting for home.

Draw your each and every house expenses (mortgage payment, property maintenance, taxes) and see if you can still manage to pay for the house then go for a deal.

Find a Right real Estate Agent

Do I need an agent? House hunting is not as easy as purchasing a groceries. Real estate purchase requires a heap of work. A trusted real estate agent in USA helps you through financing, legal protection, inspections, and cost negotiations. Purchasing and buying are their game and they are well aware of the ins and outs of the process. So there is no substitute for an experienced agent. A good and trustworthy agent can make your home purchasing dream comes true with minimum efforts.

Research the Location The very first thing comes to our mind when we’re looking for a new home to buy is “What’s the location”? Purchasing a home is one of the most expensive deals and your small mistake can break your home buying experience and can add large into cost too. Location not only impacts your current lifestyle but also play a major role at the time to sell. Do your own search. Is public transportation easily accessible from your home location? Is it close enough to good schools and hospitals? Check the crime rate in your area. Research the neighborhood. Consider each factor carefully to make your homeownership journey to less stressful.

Consider Your Down Payment It is suggested to have 20% of your target purchase price on hand for a down payment. To lessen the risk and uncertainty it is good to have some funds for a significant down payment. Don’t worry if you don’t have a fund for down payment as there are several loan and mortgage programs are also available with minor down payment.

Read the Contract Carefully Be sure you have checked and understand the contract thoroughly before signing on the dotted lines.

There are lots of points that should be clarified such as an actual price of the house, the actual size of the house, ensure that carpet area should be mentioned in the agreement, date of possession, any additional charges, and Completion certificate. If you’re finding some issues consult real estate lawyer to review your contract before you sign it.

Source: https://fastexpert.tumblr.com/post/160943772398/5-tips-for-first-time-home-buyer