Shopping around and looking for your first home is an exciting time indeed, but when you find a property that you think is suitable for you and your future family, then things start to get a little bit more nerve wracking. You found the home that you want, in a neighbourhood that you like, and to buy it is going to cost hundreds of thousands of dollars. This is a scary situation to be in when you consider the biggest money that you’ve ever shelled out for something like this, was probably your first car and that only cost you a couple of thousand dollars.
It’s a big commitment.
It is very likely that you took on financing to pay for your first car, and you remember the difficulties you had back then, coming up with what could only be described as a small amount of money now, to pay your monthly payments on your car and to be able to stay on the road. Now, you are looking at a much bigger commitment over a much longer period of time, and nobody blames you for being more than a little bit worried. Committing yourself to a mortgage that you’re going to have to pay for around 30 years is a big step indeed, and it doesn’t matter how your life will change in the future, your lender wants paid every month without exception.
Deal with reputable companies.
It is a leap that you know you have to take, but in order to make this a successful leap, you need to be dealing with reputable companies like https://granvuehomes.com.au who are not only going to build you the home of your dreams, but also going to help you navigate through the myriad of things that have to be done in order to secure your first home. The following are a few tips to help you avoid first time home buyer mistakes that many people make.
- Remember your moving in expenses – Frequently first-time buyers forget about all of the other money that has to be paid out, after they move into their new home. They find themselves having already spent all of their available cash on just getting the home, and so they move into a bare house with no furniture. They then seem to be caught in a cycle where any money that they saved from their job, is spent on paying the mortgage, and there is no money left over to buy essential furniture. Remember to set aside money so you can furnish your home and base the price you are willing to pay for a property on that.
- Get the right homeowner’s insurance – It is imperative that you get the right insurance policy that will cover all eventualities that might come, in the near future. Nobody knows what the future holds, but it’s best to be prepared for it, and so if you lose your job, or your new home has been flooded or in a fire, you still need to be able to pay for your mortgage every month. Mortgage lenders are generally sympathetic to your situation, but they still require payments to be made and if you are unable to do this, then you’re going to be in trouble.
The above are just a couple of tips to help you negotiate your way around your first home buying experience. It is sound advice and any other advice that you get from friends and family needs to be considered as well.