5 Important tips for a First Home Buyer
- 10 April 2017
Wouldn't it be nice if you could skip the hassle and wake up one morning in your dream home? Unfortunately, being a first home buyer tends to be a little overwhelming, where in the madness of trying to navigate the unchartered territory and learn as you go, the end goal can seem out of reach. So, to help you prepare and ease into the home buying process, we have listed our five tips for every first home buyer.
Be Acquainted with Credit
As a first home buyer, it is likely that you will be taking out a loan. Your credit is single-handedly the largest factor that determines the loan you receive. If your credit score is not where it needs to be, you will need to spend time repairing it. You could do this by making payments on unpaid balances, lowering credit card limits, consolidating multiple personal loans and paying your rent and bills on time.
Checking your credit rating should be high on your list of priorities. When reviewing your rating, make note of overdue bills, collection amounts and any possible mistakes. This is a great opportunity to learn why your credit score is where it is and what you can do to eliminate the problem in the future.
Saving for a First Home Deposit
Any first home buyer should find and stick to a price range that they can afford. You should determine what you can afford and what you are willing to pay. If the homes that you are interested in do not fit in your budget you may have to consider the possibility that you will need to spend longer than anticipated saving for a deposit.
Along with determining how much you can afford to spend on a mortgage payment, you will need to keep in mind other expenses. If you have a tight budget it may be good to contemplate cutting down on frivolous spending so that you are ready for the unexpected costs that come with owning a home.
There are usually two types of home buyers; ones who have a very specific, detailed vision of what they are looking for and those who don’t have the slightest clue.
If you are the latter, that’s okay. We can guide you in the right direction starting with the ideal home survey where we can determine your absolute must-haves and have-nots. Simply put, you will need to decide what features and elements are essential to your happiness in your new home. This will cut down on time spent looking at homes that don’t appeal to you and allow us to better guide you on your home buying journey.
Ask us how
Even if you have lived in an area your whole life, it is still wise to consult with the professionals whose purpose is to be there to help you in your search. Consider us as your instructor in a “How to buy a house” course. We provide insight at every step in the process, from finding the right master planned address to signing the final documents and moving into your home.
Get Pre-Approved as a First Home Buyer
As mentioned earlier, all first home buyers will need to know what they are willing and able to spend on their mortgage verses what they want. When determining your maximum monthly payment, you should consider getting pre-approved for a loan. Being pre-approved prevents you from spending out of your means and shows sellers that you are serious about purchasing.
Should you buy a house or town home? Garden or no garden? Study or a guest room? While you are busy answering the hard questions, let us at Villa World, use our expertise in craftsmanship and design innovation to make your first home buying process as pleasant as possible. Tell us what you are looking for and we will help you find your perfect fit.