Read This if you are a First Time Home Buyer…

homeIf you are fed up with throwing your money away renting a house or apartment and you want to start investing in your future, then buying a home is the best way forward. Not only do you get your foot on the property ladder, but you also have an asset that could be profitable in the future if the market conditions are right.

So how exactly should you approach buying your first home? Luckily, we have consulted with real estate experts such as Than Merrill and many others to bring you solid advice that will ensure you don’t get ripped off or lose money.

Be patient

You’re no doubt ready to find your first home as soon as possible, but a bit of patience goes a long way when looking around your local area.

Ultimately, you have to find a property that provides you with the right things for your situation, as well as being within your financial means. If you act too fast and buy something out of your means, then you could be in financial despair for the next few years.

Get pre-approved

Let’s face it, if you are a first time home buyer then you are probably going to need a mortgage in order to complete the deal, as not may people have a bag of cash under their bed.

In this type of scenario it’s a good idea to get pre-approved before you start looking at homes, so you know exactly how much money you have to play with and are not searching for the wrong kind of properties which are out of your budget.

Homes that need work

A common tactic among first time home buyers is to buy a cheap property that needs work, with the intention of fixing it up and then having a house that is suitable for living in. Unfortunately, many people underestimate the amount of time and money that goes in to these kind of projects, and it’s not uncommon to half finished homes that have been abandoned.

For this reason, make sure you know exactly how much it is going to cost for repairs before buying a house, and also have a reliable contractor that can do the work.

Choose the right area

Many times, it’s worth paying a bit extra to buy a home in the right area, rather than going down the cheaper route but finding yourself in completely the wrong place.

As an example, if you are planning to have kids in the near future, then purchasing a property close to a good school is important, as not only will the commute be short, but you also ensure they get a good education.