If you are buying real estate, you will want to be sure that you win. In the world of real estate, there are no prizes for coming second. For a long time, I didn't know how to secure the house of my dreams. Every time I found a house that I liked, I would be beaten by someone who made a better offer. Thankfully, all of this changed when I found a great real estate agency. They helped me to tailor my offers so I had the best possible chance of securing a property. Last week, I picked up the keys to my dream home.
If you are a first-time homebuyer, you may be filled with a mixture of excitement and dread. You're looking forward to the process, but you're afraid that you may make the wrong choice and cause problems in the future. However, you don't need to panic so long as you remember to think through the process carefully and come up with a plan. Once you have that plan, make sure that you stick with it, and this will help you to navigate the maze successfully. What elements do you need to think about when you are crafting that plan?
Overall Budget
When people go on a house-hunting spree, they may try to bite off more than they can chew. Before they start, therefore, they need to settle on a specific budget and make sure that they do not budge once they have done so. To begin with determine how much you are able to put down as a deposit and don't forget to account for any of the fees and costs that may need to be paid as well. You should sit down with a real estate agent to talk this through, and they'll be able to help you understand what's needed.
Mortgage
Then, determine how much you can afford to pay, on a monthly basis, towards the mortgage. This will depend on your total income and any other obligations you may have. Once again, your agent can help you to calculate this with a high degree of precision but never be tempted to stretch your budget and look for a house that may be a little more expensive, as this could only lead to stress down the road.
Configuration
Once you know where you are from a financial perspective, determine your actual needs. In other words, do you need a two-, three- or four-bedroom property? Does it need to have a garage? Are you looking for something with a garden or a swimming pool? As you draw up your list, some elements will be essential while others may be optional. Make sure that you have these in the right order and it'll help you as you hit the road.
Future Need
Try to take into account your future needs as well as your current situation. If you are newlyweds, for example, do you intend to start a family and if so, how many bedrooms will you need in the future? If you are a more mature buyer, do you need to account for your parents in your calculation? If they may need to move in with you due to age or failing health, do you need to consider a ranch style home with no stairs instead?
Location
Finally, think about the location. You will be able to narrow down your choice of neighbourhoods that need to be close to to a particular school, your place of work or a transportation hub.
Speak with a real estate agent to start your search.