Money Matters

What to Know When Buying your First House

What to Know When Buying your First House What to Know When Buying your First House

One of the biggest investments we make in our life is that of owning a house. It is a dream many have entertained since childhood; the reason we aspire after a well-paying job, make financial sacrifices and struggle to save. Ultimately, when we are handed our keys, the feeling of euphoria is all that matters, especially for first time buyers.

But buyers, beware! The road leading to that key is not always evenly paved. There are twists and turns, rough patches, unclear stop and safety signs and even unmarked speed bumps. To make that ride more enjoyable, examine a few suggestions to save time and have success with the buying process.

First, create a budget. Determine the location and size of the property you can afford by reviewing your source of funds. Do you already have the cash in your account?

Do you plan on mortgaging? Will you use a mixture of both? These are questions you will need to answer to know your next step.

If mortgaging is a part of the plan, get a pre-approval. Ascertain from a lender, the loan amount you qualify for. That usually requires going into the institution and speaking with a mortgage representative who would provide you with a Prequalification Letter.

Never forget to plan for “closing costs”. These costs usually go unnoticed by many and create a stumbling block further in the purchasing process. They include, but are not limited to, Surveyor’s Id report, Valuation Report, Sales Agreement, Attorney fees, and mortgage associated fees.

Once you are aware of your source of funds, inclusive of your closing costs, you have more purchasing power; you will be in a stronger position to shop around.

Obtain the services of a qualified realtor. Many persons tend to ignore this aspect of purchasing a house, trying to find their ideal property on their own. According to Nadeen Neil*, a Top Producer Awardee at CENTURY 21 Heave-Ho Properties, “Realtors are there for you. We see everything you need to see and toil day and night for our clients to ensure they make a wise purchase and the process is as smooth as possible.”

To continue reading, purchase Vol.8 #9, 2016 Issue.