Five Faults ordinarily committed by First-Time Home Buyers & Tricks to handle them

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Post By By Buniyad

04/17/2015

first-time-homebuyer


Buying your first house involves feelings like excitement, fun and at the same time anxiety. But if you catch hold of some of the common faults that the first-time buyers usually tend to make, then they can help make the conversion to “new home-owner” much smoother.

1. Don’t spend too much :- The final sales price is not the only expense to consider when owning a home. Houses accompany various other costs like property taxes, future redesigning and incidental unforeseen like burst pipes or city trees that require trimming etc.

Tip : You thus need to take a close look at your finances. Also, confirm home-owners as to what usually do they spend annually on their bills so that there derives no surprising/shocking element. Furthermore, as a principle, your housing expenses (mortgage, property tax and heating expenses) on a monthly basis should not exceed 32% of your gross monthly income.

2. Don’t spend too little :- Spending extremely less is again a problematic situation, for an instance you spend too little on a home that you’ll outgrow speedily, you will thereby incur heavy price for moving perhaps before you need to.

Tip : You need to think further forward and think profound that are you planning on starting a family soon? Are you planning to grow the house soon? In fact spending a little extra to stay in a house for long run is a much stable monetary choice.

3. Buy with your mind and not simply by heart :- The house that you have chosen is undeniably gorgeous looking, fully renovated, painted with your favourite shade and has an en-suite bathroom immediately adjoining a bedroom. However, its on an occupied street and you have three young kids and two cats who like to run outside.

Tip : Think critically and act smartly! Do visit the house for like at least 2-3 times and you will amazed to see how your decision alters on a second or third visit. Genuinely go through every aspect of the house including every room, every floor, the locality, the neighbourhood and actually attempt to imagine yourselves in the houses for years down the road.

4. Don’t forget computing hidden closing costs :- The total sales price is not only the cost involved in buying a home, it comes along with plenty of other closing costs that should be kept in mind while fixing your price range that you can easily afford. These costs range from realtor’s commissions, lawyer fees, transfer taxes and moving costs etc.

Tip : Be wary while computing your budget and thereby taking final decision as closing costs can lie anywhere from 1.5-4% of the final sale price.

5. Undergo a thorough research :- Hastily buying a house without doing research work is a biggest fault one could ever commit. Whether you are paying careful consideration to your real Broker and family “who simply love the spot!“ or are feeling the burden to make a quicken move, shifting to a home that has not been considered to be enormous, extravagant can be a regretful choice.

Tip : Always do your first-hand research. No realtor’s or your family member knows what you want more than you do. You could probably spend a day passing the neighbour hood and learning about them, exploring nearing spots, schools and other prominent places. Keep in mind to get an investigation report for the house itself. These can reveal unseen things like termites and flooding, two expensive undertakings.

It thus goes without saying that buying a home is exhilarating and intimidating on the same hand However if it involves full-fledge due diligence, it can comparatively make the process little easier and in turn gets you into your dream abode with little stress.

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