Buying Your First Home
Buying Your First Home
When do you really think about buying your first home? Do you think about buying your first home straight out of university, or the moment it suddenly dawns on you that the landlord is using your money to pay for his mortgage payment.
Too often people rush into home ownership as it is viewed as a sign of financial responsibility and adulthood. However, owning a home is a huge financial commitment and a massive investment of time. Home ownership can be a smart long-term move, but you want to know what you’re getting into. Let’s see how easy it really is to get that first home and build equity while building a real estate portfolio.
Here we have put together a first-time home buying guide to wrap up our best advice.
How to buy your first home
Ask yourself: ‘Is it really time for me to buy a home?’
Lots of people own homes yet their finances are a mess! The homeownership decision is to not by any means be taken lightly. It is our very strong recommendation that you decide to buy a home as it is time for settling down and you need a place to live for at least five years. Above all else ONLY buy a home if you’re financially ready.
- How To Prepare To Buy Your First Home
- How Much House Can You Afford
- Are You Really Ready? 5 Reasons Not To Buy A Home
- Rent vs Buy
Determine how you will afford your home
For the greater number of people, a home is the most substantial and highly expensive thing they will ever buy. The purchase of a home is usually via the means of a single massive loan in the form a mortgage.
To be able to pay for your first home you will need good credit, a steady job and stable income, and a sizable amount of money on hand to use for a down payment.
- What You Need To Get Approved For A Mortgage
- How To Save For A Down Payment On Your First Home
- How Much Of A Down Payment Will You Need?
- Mortgage Rates Explained
- How To Shop For A Mortgage: 7 Steps To Finding The Perfect Home Loan
- What Percentage Of Income Can You Afford For Mortgage Payments?
Go shopping for your first home
The next logical step in the home buying process at this stage would be to go house hunting. This phase of the process is critical to avoid creating a financial disaster by preparing your finances before going house hunting. As a new home buyer you want to have a feel of the market, see the types of houses available and their respective price tags. House hunting will give you an idea of the type of house you would like to buy, the amount you need to borrow and subsequently how much you need to prepare as a down payment.
- 10 Tips for Hassle-Free House Hunting
- How To Find A Good Realtor
- Your Home Buying Checklist
Seal the deal at closing
Getting an ideal mortgage and the perfect house constitutes only half of the home-buying process. There is more to this intricate process and you will want to have a firm grasp of all the processes. Here are a few tips that should help you have have a better understanding of the additional steps in the home-buying exercise.
- The Secrets To Winning A Bidding War
- What Happens At A Closing?
- How Much Cash Do You Really Need To Close On A Home
We hope this guide has given better insight into the process of home-buying, especially for first-time home buyers. This resource is intended as a basic introductory guide to raise awareness and spark the thought process of home-buyers. For further information and greater clarity please do not hesitate to contact our knowledgeable staff who are always on hand to point you in the right direction.