Buying a home is exciting! It’s also one of the most important financial decisions you make. However, take it from the professionals that some precautions should be taken. Do your researches, take your time, and read the tips we have provided on buying your first home.
Here are 5 major things you need to follow while buying your first home.
A Trustworthy Real Estate Agent
Basically, you know the best if you get the right home that suits you the best. But, sometimes you may get into a dither; you may not have enough time and chances to look forward to finding an array of options you can choose from. In this circumstance, a good real estate agent may help you out. An ethical real estate agent will never, ever, pressure into buying a house rather he will meet your every query properly and assist you to choose what suits you the best.
Finding an excellent real estate agent/company should be your first thing to accomplish while buying your first home. Make sure the real estate company has a REHAB membership.
Handover Record
Moving into a new home means a fresh new start! No one wants to wait for long for this freshness. Once you finish the down payment, you start planning for memories to be made and dreams to come true in your sweet home. Hence, within a promised time when you don’t get the home ownership, it brings you so many uncertainties. So, before you buy an apartment from any real estate company, make sure its previous handover history is ON TIME.
Customers Experience
Before you go for business with a company, make sure customers experience is delightful with that company. Be it customer service, product quality or the way the customers feel about the companies they do business with-investigate all at your convenience.
Factor in Absorption Rate
Absorption rate, a measure of how long it will take for all the available homes in a given area to sell or rent, is an important consideration when buying in new neighborhoods. If there is a multitude of available properties in an area, you must talk to your real estate agent about why so many other investors are selling at once, or why deals are taking so long to close.
Talk to the Neighbors
Knock on the neighbors’ doors and talk to them. Explain that you’re considering buying the home and would like to know if they’ve had any difficulties with the area. While you’re there drive around the neighborhood and check out the home during the day, the weekend and in the evening to see what the neighborhood is like.
Down Payment
One of the toughest parts of buying a home for the first time is coming up with a down payment. Know that you can choose how much to put down based on what works best for your situation.
There are two basic steps to making a decision about how much to put down. First, you need to assess how much money you can afford for a down payment. Second, explore your loan options with lenders to understand how your down payment choice affects your overall costs.
Talk to multiple lenders and ask them to show you different loan options with different down payment levels. Ask them to let you know what they recommend and why. But, there’s no need to decide on a specific lender just yet.
In general, the less money you put down upfront, the more money you have to pay in interest and fees over the life of the loan.
Happy home haunting!