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What to Know Before Buying Your First Home

by Marquette Turner Luxury Homes

in Investing in Property, Real Estate Radar, Variety

One of the first and most important pieces of information about purchasing your very first home would be this: the time is now! According to a global annual report, the sales of luxury homes have increased by 11%, which is the highest figure since 2014. What is more, the year isn’t over yet, so it is quite possible the percentage will increase, and you can assist its rise once you have followed our instructions.

Buying the first home is a bit daunting, just like any other “firsts” in your life. Fortunately, we’ll give you a short list of things to check and tasks to complete before finally sealing the deal. So, let’s get started.

Check yourself

Prior to engaging in any house watching and home searching, you definitely should take a good look at yourself and your financial assets. Do you have the real picture when it comes to you and your financial credibility? Certainly, you have a price limit which you don’t intend on surpassing, but that doesn’t have to mean you have realistic chances of obtaining such a loan. Nevertheless, you needn’t worry. It is fairly easy to do the math and see how much you are eligible to borrow. By using online financial calculators you can work out your borrowing power and see if your wishes truly match your abilities or not.

Buying

Get pre-approved

Once you have calculated the maximum loan you can apply for, it is highly recommended that you get a pre-approval from your lender. The main reason for doing this is the fact that it can be a real deal-breaker. If there are several other contenders to the estate, you will definitely come across as the serious party if you have this in you have already been pre approved for a loan.

Make a wish list

Everybody has an idea what kind of home they are looking forward to buying, but it’s not until you really start house hunting that you realize just how much work that is. Also, you’ll begin noticing details and probably start thinking in a new direction. Make a note of the things that you liked/disliked about a home, and soon your priorities will become crystal clear. Is it the location that is the most important, or perhaps the “green” features? What details inspire you to live in one of the homes you’ve visited? You’ll get all the answers after a few inspections, and make sure you communicate them to your house agent, too.

Check the house thoroughly

Even though you have a reliable house agent, there are some things which you mustn’t forget to ask. First of all, the reason for selling the house. Secondly, check how long it has been on sale. This information should show you the real state of things. Hiring a house inspector is another wise decision. Having a professional take a look at the property you are going to invest big money into is mandatory. Regardless of the service cost, you must know it always pays off to have an experienced expert on your side.

In addition, visit the house on several different days, and at different times of the day to get the whole picture about the traffic and life in the area.

Pay a visit to the local council

Your dream of having the perfect home at a perfect location can easily be ruined if the local council has some other plans for the neighborhood. Therefore, get the first-hand information on the building plans in the locality, and check for any building restrictions. Perhaps you would like to set up a home office someday, or build an object in your back yard. Having enough space doesn’t guarantee you can do what you want with it.

You have to be patient

You’ve heard it before, and here it is again. This whole process takes time, and you will be surprised how much is spent on looking at houses, collecting paperwork and making decisions.

Finally, one last thing. At that moment when you feel overwhelmed, just remember that everything will turn out to be worth it after you move into your home sweet home. That is simply a universal truth, and you can fully rely on it.

 

 

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