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Buying your first home Full view

Buying your first property can seem like a daunting task but once you understand the process flow and have a heads up on the items you need to keep a check on, then it starts coming across as something totally doable.

It is essential to know the difference between when you want to buy a piece of property and when you are ABLE to do so. Generally, as a rule of thumb, if you are able to buy your property and lead your normal monthly expenses comfortably then you’re ready to look into the purchase. Property after all is a coveted investment, one you should definitely look into when ready.

Here are five questions that aim to shed light on and guide you through the steps before you buy.

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1. What type of home best suits your needs?

You have many options to choose from i.e. a condominium, an apartment, a townhouse, a semi-D bungalow, or even a property land where you may wish to build your own dream house. Whichever is the case, each option has its pros and cons, depending on your homeownership goals.

2. What specific features are you looking for in your new home?

It always pays to be flexible in this area but its also important to know that a home is a long-term investment so you should try to purchase that which fits both your needs and wants as closely as possible whilst keeping in budget. Your list should include basic desires, like neighborhood and size and should also keep in mind the details such as layouts and appliances.

3. How much mortgage do you actually qualify for?

It’s important to get an idea of how much a lender will be willing to give you to purchase your first home. This depends on factors such as your debt, monthly income, and job patterns.

4. How much home can you actually afford?

You will need to look at the house's total cost (not just the monthly payment) such as the amount of down payment you can afford, how much you anticipate spending to maintain or improve the house, and how much your closing costs will be.

5. Who will help you find a home and guide you through the purchase?

A real estate agent will help you find homes that meet your needs and are in your price range. Once you've chosen a home to buy, these professionals can help in negotiating the entire purchase process including making an offer, getting a loan, and completing the paperwork.

Keep your eye out for all those questions above and you’ll be good to go.

Next
×

Buying your first home Full view

Buying your first property can seem like a daunting task but once you understand the process flow and have a heads up on the items you need to keep a check on, then it starts coming across as something totally doable.

It is essential to know the difference between when you want to buy a piece of property and when you are ABLE to do so. Generally, as a rule of thumb, if you are able to buy your property and lead your normal monthly expenses comfortably then you’re ready to look into the purchase. Property after all is a coveted investment, one you should definitely look into when ready.

Here are five questions that aim to shed light on and guide you through the steps before you buy.

undefined

1. What type of home best suits your needs?

You have many options to choose from i.e. a condominium, an apartment, a townhouse, a semi-D bungalow, or even a property land where you may wish to build your own dream house. Whichever is the case, each option has its pros and cons, depending on your homeownership goals.

2. What specific features are you looking for in your new home?

It always pays to be flexible in this area but its also important to know that a home is a long-term investment so you should try to purchase that which fits both your needs and wants as closely as possible whilst keeping in budget. Your list should include basic desires, like neighborhood and size and should also keep in mind the details such as layouts and appliances.

3. How much mortgage do you actually qualify for?

It’s important to get an idea of how much a lender will be willing to give you to purchase your first home. This depends on factors such as your debt, monthly income, and job patterns.

4. How much home can you actually afford?

You will need to look at the house's total cost (not just the monthly payment) such as the amount of down payment you can afford, how much you anticipate spending to maintain or improve the house, and how much your closing costs will be.

5. Who will help you find a home and guide you through the purchase?

A real estate agent will help you find homes that meet your needs and are in your price range. Once you've chosen a home to buy, these professionals can help in negotiating the entire purchase process including making an offer, getting a loan, and completing the paperwork.

Keep your eye out for all those questions above and you’ll be good to go.

Next