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What first time home buyers should know

What First Time Home buyers should know

What First Time Home buyers should know

Are you all set to buy your first home? Have you done your home work? Well, if you think this is easy, think again. There are a lot of issues that you need to be educated on, as you begin on this journey top purchase your first house. When you decide that it is time for you to buy a house for the first time, how do you start? This is a question that rankles most first time buyers, as they feel lost in the midst of so many advertisements, brochures and real estate agents.

To start with, first you need to introspect into your own financial status. What is the budget you have in mind to invest in a new house? In case you do not have enough funds to go for an outright purchase, you will need to take a mortgage loan. In such cases, you need to check out your bank balance and status of income. You should have atleast fifteen to twenty percent of the budgeted amount as liquid cash in your bank to take care of the down payment. Most banks offer only upto eighty five percent of the total value of property as mortgage loan, hence this requirement. The additional five percent is to take care of the registration and such regulatory fees connected with the purchase. Also, you need to ensure that you can set aside a minimum of forty percent of your monthly income to be paid as monthly mortgage payments. This is a benchmark followed by majority of banks.

One you are done with the personal financial aspect, it is time to check the markets. Scan advertisements and sites and even visit real estate agents to find out properties that fit your budget. Research on properties that you find suitable. Check out the reputation of the builder in the market, organize site visits to see the condition of constructions built by the company earlier and even talk to your contacts about the quality of construction being offered. It is not a bad idea to engage a real estate agent for the same, as they can give you valuable inputs to help you choose the perfect home. For this you need to have an amount which will need to be paid as brokerage fees.

The final step involved is arranging for funds. In case you are opting for a loan, then you need to start talking with representatives of banks for arranging for the same. Check the financial markets for the direction the interest rates are taking. This helps you decide on the type of interest that you need to finalize on. This could either be a floating rate or a fixed rate of interest.  A fixed rate of interest is sometimes beneficial, as this helps you to freeze on the amount that you need to pay monthly as mortgage payment. It helps you plan your budget, as it is free from related fluctuations.

Finally, the legal paperwork, which is also the most important. In case you are not educated on these aspects, take the help of a professional to sort these out, as any mistakes can turn a wonderful dream of owning the perfect home into a nightmare.

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