First Time Home Buyers Checklist
First time home buyers should use the first time home buyers checklist prepared by an experienced home inspector when on the hunt for a new place to call home.a Before you sign on the all-important dotted line there are some key factors that you should develop a comprehensive understanding of. To help ensure your first time property purchase is as smooth and stress free as possible we’ve put together a first time buyers checklist.
Define your needs and wants
Before starting your property search take the time to put together a list of all the things you need in a house, as well as the things you want. This will help you prioritize features and hone in on the perfect property. It’s also important to enter the house hunt with an open mind and sense of flexibility.
Have money in the bank
While it can be tempting to opt for low deposit mortgages, ideally you should have around 20% of the house’s purchase price in cash. This will allow you to secure the best possible interest rate from banks. It will also help you to avoid the sting of private mortgage insurance.
Factor in additional costs
Be sure to factor in additional costs when deciding on your final offer. This included closing costs, property taxes, HOA and homeowner’s insurance. These can add up fast and if you’re not prepared, your budget, mortgage and credit cards can take a serious hit.
Hone in on your budget
Remember that buying a home isn’t just about putting down an initial deposit. Every first home buyer should always factor in ongoing costs, and think about how they’re going to pay them.
Choose an agent you trust
There’s no shortage of real estate agents out there, which means choosing the right fit for your needs can sometimes be a headache. You’re going to want someone you can trust which means sourcing recommendations from family and friends is always a good bet.
Commission an independent property inspection
Arm yourself with an in-depth understanding of the property by commissioning an independent inspection from a certified expert. As an unbiased party service providers such as Accurate Inspections will offer you a comprehensive overview of any repair and maintenance issues that are invisible to the untrained eye. This will give you serious negotiating ammunition when it comes to securing a better price. You’ll also give yourself the total peace of mind that no unexpected costs will arise later down the line.