Tips for First Time Home Buyers

Are you thinking of buying your dream home? Everyone does.Isn't it?

But are many questions and many huddles to do that. So I am here to give you some tips that might help you to take a step towards your dream home

1. START SAVING MONEY

When you choose your home the first thing you have to pay is the down payment for your apartment. Then there is closing amount fees and expenses you pay to finalize your mortgage. 

So the first step is saving money. 

2. Decide your Budget

Let’s say you're interested in a home, but you’re not sure it’s in your price range. That’s a problem. Before you start browsing, it’s crucial that you iron out important questions such as, what is the most you can afford? What is your ideal price range? To help you get started, use an online mortgage calculator to determine the maximum monthly payment you can afford based on the price of the home after you put down a down payment and over a 30-year-mortgage.

3. Explore Mortgage Options

A variety of mortgages are available with varying down payment and eligibility requirements. Here are the main categories:

• Fixed rate mortgages -The interest rate you pay will stay the same throughout the length of the deal no matter what happens to interest rates.
• Variable rate mortgages.-  With variable rate mortgages, the interest rate can change at any time.
• Standard variable rate (SVR) 
• Discount mortgages. - This is a discount off the lender’s standard variable rate (SVR) and only applies for a certain length of time, typically two or three years
• Capped rate mortgages.- Your rate moves in line normally with the lender’s SVR. But the cap means the rate can’t rise above a certain level.
• Offset mortgages.- These work by linking your savings and current account to your mortgage so that you only pay interest on the difference.

4. Decide the best location for you

Before you start searching for home, consider your lifestyle and values. What features would enhance your well-being? And what would make you miserable? From there, make a list of location and start searching your home in the same locations

5. Choose a Real estate Agent

A good real estate agent will scour the market for homes that meet your needs and guide you through the negotiation and closing process. Get agent referrals from other recent home buyers. Interview at least a few agents, and request references. When speaking with potential agents, ask about their experience helping first-time home buyers in your market and how they plan to help you find a home. 

But where to find one?

We are here just call us on 9833717888 or visit our website