Buying your first home is exciting, but it can also be challenging if you don’t know where to start. That’s why the home buying process and real estate terminology can be difficult with high property prices in many parts of the country. Here are some real estate tips & advice!
Real Estate Tips
Buying a home can be very expensive so the way we prepare for it is essential.
Here are some of the most common questions you might have about buying your first home!
Don’t invest where growth is happening
Waves of urban areas are now becoming hot real estate commodities increasing the area’s potential and property value.
A number of factors contribute to these newfound demands, but behind the scenes have a front-row look at what’s worth investing in and what’s worth pausing on.
How much can I borrow?
You need to find out how much you can borrow.
Calculate a maximum loan amount based on your income, savings, assets, expenses and credit history.
You will need to speak to a lender or a mortgage broker.
Lenders will tell you the maximum amount you can borrow; this doesn’t necessarily mean you should borrow up to your limit.
Mortgage’s repayments are higher for bigger loans and other costs of owning a home, such as council rates, strata fees and insurance can add up.
Real Estate Appreciation
Real Estate appreciation refers to how the value of an investment / estate increases with time
Estate appreciation is a tricky game.
It is Riskier than investing for incomes, it is like when the property increases in value, due to a change.
Where & What to Buy
Condominiums, apartments, even townhouses are attached in the gamut from duplexes and triplexes to communities with hundreds of homes.
Most of the time, buyers own their homes and the land on which the houses sit.
With a condominium, the owners jointly own the land and this common interest cannot be separated from the others.
Townhouses can be structured in many ways; some are similar to condominiums due to huge communities.
However, if you’re renting in a large apartment building, you might be familiar with how hard it can be to get to know your neighbors down the hall.
Read before you sign
If you are handed a business contract and told, “Sign here.” Don’t do it!
Make sure you read the listing or buyer’s contract carefully before signing it.
There may be an extra “administrative fee” ranging from $250 to $1,500 on top of the standard commission, intended to cover brokerage’s administrative costs.
Contracts are legal documents and if they are valid, they can be taken to court so follow these guidelines, to avoid problems later.
Finally, armed with the best property advice available & real estate tips, you’ll be in an ideal position to find and purchase your first home.
There are many bumps along the way, have a plan; build a database of prospects, and work hard to find the keys to success.