First-time homebuyers represent about 45% of all buyers (up from 37% last year). As first-time homebuyers, the process of buying a house can feel stressful. It doesn’t have to be!
Use these simple tips to purchase a home without stress. With these tips, you can find the home of your dreams while sticking to your budget.
Start searching for your dream home today!
Review Your Finances
Before you review the real estate market and explore listings online, audit your finances. You need to make sure you can purchase your new home and afford ongoing expenses.
First, review your savings. Try saving three to six months worth of living expenses before you purchase a home. This money can help you cover the:
- Upfront costs
- Down payment
- Closing costs
- Emergencies
Lenders will require you to have these funds.
Review your spending habits on a monthly basis, too. Consider utilities, car maintenance, food, savings, and other regular expenses.
Check your credit. Try to pay off as much debt as possible.
Get pre-approved for a loan before completing the rest of these steps.
Consider Your Needs
Determine what type of home suits your needs. For example:
- Single-family home
- Townhouse
- Duplex
- Co-operative
- Condominium
- Multifamily building
Determine if you want to buy a new home or a fixer-upper, too.
Next, make a list of your wants versus needs. Consider how many baths and bedrooms you need. Think about neighborhoods, kitchen appliances, and other features.
Ask for Help
You don’t have to use these home-buying tips alone. Working with a real estate agent or conveyancing solicitors can simplify the entire process. They can help you avoid making costly mistakes, too.
You can find a page for conveyancing solicitors here.
Tour Homes
Start your search online and begin narrowing down your options based on your budget and preferences. Make a list of properties to tour. Don’t walk into an open house without your agent.
Once you find the home of your dreams, you can make an offer.
Make an Offer
Your real estate agent can help you determine the best offer. They can also help you outline the conditions you want to ask for.
If you reach an agreement, you can make a good-faith deposit. Have the home inspected to spot any issues before finalizing the deal. If there are any serious issues, you can negotiate to have the necessary repairs completed first.
Your agent will work you through the process of filing the necessary paperwork.
Simplify the Process of Buying a House
The process of buying a house for the first time shouldn’t feel stressful; it should feel exciting. Use these tips to streamline the process. Remember, working with a real estate agent or conveyancing solicitor can make all the difference.
With their help, you can find the home of your dreams.Â
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