5 TIPS FOR FIRST TIME HOMEBUYERS.
There’s always a first time for everything, isn’t it? But then, the goal is to do it right and not miss it.
On getting your first home, you’ll see different opportunities flying here and there and you might just be tempted to make an impulsive purchase that’ll hurt your finances or even you yourself. No one wants that, right? You might just be asking yourself, “how do I do it right?” Not to worry, below are 5 tips to guide you in purchasing your first home.
1. PAY OFF ALL YOUR DEBT.
It’s better to clear off all debt before entering into a big thing that involves lots of money. Buying a home is a big thing and definitely, it involves money—little or much.
You wouldn’t want lenders knocking on the door of your new house, yelling at you to pay up your debts.
2. DETERMINE HOW MUCH YOU CAN AFFORD FOR A HOUSE.
Whether you’re a salary earner or an entrepreneur who pays him/herself, you need to have a financial plan. With other needs in mind, you have to determine how much you can afford for a house so as not to overspend and eventually, have to get a loan to foot other bills.
3. SAVE FOR A DOWN PAYMENT.
A down payment is a payment representing a fraction of the price of something being purchased, made to secure the right to continue making payments towards that purchase.
A down payment shows one’s seriousness for what is about to be purchased. So, before you go in search of a new home, ensure you have a savings for a down payment intact.
4. SAVE FOR CLOSING COSTS.
Closing costs can include attorney fee, appraisal fee, inspection fee, amongst others. They are paid to finalize the deal on any property so it fully becomes yours.
You don’t want to be caught unaware when these fees are mentioned so it’s best to have a savings meant for it.
5. FIND A HOME FOR SALES IN YOUR PRICE RANGE.
This is where a good Realtor comes in handy. Once you’ve known the amount you can afford for a new home, it’s best to contact a realtor to help you get a house in your price range so you won’t eventually have to overspend.
To find a perfect home for you, contact Tedd Properties Realty today.
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Contact: 08123153391, 0701384718