Buying a house is indeed a big and important phase in anyone’s life. The first time is almost always the most memorable and special. But since it is a first, you should make sure that you do all necessary actions and planning before coming up with final decision.
Here are some considerations to make especially for first time house buyers.
It is very important to be practical when it comes to spending money especially when it comes to something big like a new house. You need to know exactly how much money you are willing to spend for this purchase. Despite the assistance of home loan, you would still pay for the down payment so you should decide the budget for this house. This will put you in the path and allow you to see houses within your budget. It would be a lot easier to narrow down your choices to be able to reach the one for you. If you’re planning to build one from scratch, then knowing your budget gives you the idea how far you should go.
Size and type
After deciding your budget, you should now have an idea how big of a house you wish to buy. Are you going for a 2-storey house or bungalow or maybe you prefer to buy a condominium unit? It is very important to decide on this. Of course, you need to consider many things like pros and cons of living in a high rise building or how big of a house you need that is enough for your family.
Choosing the location of the house is also important. You should pick a location that is convenient for everyone. It is best if it is near your work place so you can save time going to and from office. Also, it is nice if the house location has near school for your children, market, bank, restaurants and other important establishments to improve your lifestyle.
Of course you should also take care about the mortgage. You should think the best mortgage type for you. Are you going for fixed rate home loan or variable home loan type? Then, once you decided the mortgage type, you should look for the most competitive variable or fixed home loan rates that you should avail.Choosing the correct mortgage type will ensure that you can pay comfortably. As important as finding ways to help you fund the house that you will buy, you should also look at the big picture and make sure that you will be able to pay it off.
Lastly, you should ensure that the neighbourhood is good especially when raising kids. You should do your research in terms of crime or accident rate in the area. Once you know for sure that it is safe then you can start adding it to your choices.
It is best to consider all those factors first before you make any decision. It is important that you are 100 percent ready for this important phase in your life to make sure that everything is in order. Now, do you think you are ready to buy your first house?