Home Buyers

Buying your first home is a major step in adulthood. It is one of the biggest investments in your life and as such should be planed out carefully. The experts from McGuire Property Management and Sales chimed in with a few suggestions on how to take this step as smoothly as possible. Check out our tips to help you get started!

1. Start a glossary

When you first start looking to buy a new home, the sheer amount of new words and terminology can be overwhelming. There is a whole dictionary dedicated to buying a home, and a lot of it can sounds quite daunting. Start to learn what common words mean and read a few books on buying a home so that you can understand what your agent is saying. This can be very empowering, as when you know what everyone is talking about, rather than being baffled you can negotiate from a much better position.

2. Start thinking about costs early

Start thinking about costs early
Buying a house isn’t limited to the initial deposit, which is what many first-time home buyers think. There are many other costs that you might not have even started to think about. By getting to grips with these, you can make a proper budget that takes all costs into account to stop you from getting caught out. The most important costs to start costing up from the start include the deposit, stamp duty, the cost of an hour survey, the solicitor fees and the cost for moving your furniture.

If you are renting a house where the furniture is provided, you should also start thinking about the cost to furnish a house. This may include some large costs like a new sofa, washing machine, beds, dishwashers and more. This on its own may be several thousand that you did not initially add to your budget.

3. Sell first, buy second.

If you are already a homeowner and are looking to move up the property ladder, it can be a very exciting time. The fun of looking for a new house can’t be underestimated. But, before you start getting too excited and putting down a deposit, make sure you have a buyer set up for your old house. It can be easy to get caught up in the excitement when you’ve found the house of your dreams, thinking that the buyer for your old house must be close. Without knowing this for sure though you may find yourself in a predicament. It will always be a better financial decision to sell a house first.

If you are a first-time buyer this isn’t as much of a concern, as you are only having to manage to buy the house, and not working out how to sell your old one on top of this. If you are looking to sell quickly you can use service like Homebuyers USA in Clermont.

4. Mortgage agreement in principle.

mortgage agreement in principle
This is another thing that many people simply don’t think about, or actually, don’t know about. We have seen several examples of people wanting to buy a house, making an offer, only to be rejected when they go to get a mortgage. This can be very disappointing for all parties involved.

To stop this from happening, a mortgage in principle is essentially a confirmation on how much a bank is willing you give you with your current credit. This can be a big advantage, as the seller knows that you have a good chance of getting the cash when an offer has been agreed on.

Buying a home doesn’t have to cost you an arm and a leg, nor does it require you to whip out all levels of stress. Following online guides and listening to people who have been there before can help ease your worries and get you on the road to finding your first home!