Preparing for your first home purchase
Preparing to purchase your first home can be a daunting and exciting time – while you want to find a beautiful abode and fall in love with it in every way, you also need to ensure that your head is on straight and you are considering all of the practicalities.
There are a lot of things that first-time buyers need to look out for – here is a great list of tips that can help anyone as they prepare to become a property owner.
Check your credit score – The importance of checking your credit score should never be understated. Not only can your credit score alert you to any possible security breaches or identity theft that has occurred under your name and accounts, it can also help you to assess the state of your credit in general. As you prepare to take out the largest loan of your life you need to be sure that your credit is in good shape. It can be a huge cost and disappointment to prepare everything necessary for a mortgage and home buying process only to find out at the last minute that you credit score is in the gutter. Use the official Experian website to check your credit and make sure you are prepared for home ownership.
Hidden costs – You have found the house of your dreams! Congratulations… but don’t celebrate too soon. You still must factor in myriad hidden costs that first time home buyers might not be prepared to encounter. Remember – your surveyors, lawyers and other service providers will all be taking fees and percentages, and your estate agent can cost a bundle. There are also a whole host of taxes, as well as the stamp duty, that you must be prepared to pay.
A good estate agent can make or break the sale – Your estate agent is your guide through this often intimidating and stressful process, and so it is imperative that you trust them implicitly. Make sure that you like your agent, and that they have a good reputation within your community. Most importantly, any good and honest estate agent should be completely transparent and forthcoming about their fees and percentages. If you feel like your agent is trying to pull one over on you, then they probably are. Finding a good professional is key to your home buying process.
Set some money aside for moving and repairs – So, all of the fees are paid and you are ready to move in, but the costs keep coming. It is rare to move straight into a home that needs no repairs or adjustments before it is ready for you and your family, and so you should always set aside a fund that is specifically dedicated to repairs and small renovations. Odds are – you’ll need it.
This is an exciting time, and if you prepare for the things listed above you will be prepared for the entire home buying process. Thankfully there are a lot of resources out there for first time buyers – ensure that you take advantage of the expertise of others who have come before you!