How much home you can afford depends on a number of factors, including your income, the amount of money you’ve saved up to put towards your first home, and your willingness to take on extra expenses during the process of buying a home and moving in. If you’re reading this article, it’s likely that you’re either already in the process of buying your first home, or you’re thinking about making this life-changing decision in the near future. Here are some tips for first-time homebuyers from experienced Real Estate Agents East Keilor and beyond.
CHECK FOR BANK-APPROVALS
A big part of your home search is finding a lender who will approve you for a mortgage. That means knowing your credit score, income and debt situation, as well as researching what kind of loans each bank offers and determining whether it’s right for you. You also need to figure out how much house you can afford before ever setting foot in an open house. Getting preapproved for a mortgage is often a good way to make sure you get into homes that fit your price range – and only spend time looking at those that do. Plus, once you’re approved by one lender, most others will give you their approval based on that alone; no need to go through another whole application process again with each new bank!
VERIFY THE PROPERTY THROUGH RERA REGISTRATIONS
Every property for sale in India is required to be registered with Real Estate Regulatory Authority (RERA) and available on their website. This ensures that potential buyers can find all registered information about a property online easily, which will help them make an informed decision before making any offers. In fact, it’s not just buyers who should verify listings, but also brokers and agents should do so too. The RERA database contains numerous properties that aren’t even listed by brokerages, and hence listing compliance is another way to verify if your desired property really exists or not. It will be helpful to call up developers at times as well.
CONSIDER THE AMENITIES & SPECIFICATIONS WITHIN THE DEVELOPMENT
Real estate agents East Keilor say that homes in developments close to parks, public transport and shops are often a good choice for first-time homebuyers. You’ll have nearby amenities, so you won’t need to drive very far to visit your local school or do your grocery shopping. The houses within these developments will also usually feature specifications that make it easier for young families to live comfortably – for example, modern cooking appliances, added storage space and high ceilings in living areas. These are all useful when you’re living with children because they provide ample room and things like deep cupboards where you can store play equipment, toys and other items.
REQUEST FOR AN AERIAL VIEW OF YOUR HOME
You should have a general idea of where you want to live and how much you’re willing to spend on your home. A real estate agent can help with both, but here are some tips that will help you get started: first, know what you can afford. This is an important part of the buying process; before even starting your search, sit down with a financial advisor or accountant and map out a budget for how much mortgage you can handle each month based on how much rent you pay now.
Understand Your Mortgage Payments
Homeownership has always been a major step in anyone’s life. And with it comes more financial responsibilities, as well as many more choices that have to be made. For example, one of your first decisions will be determining which type of loan to use, whether a conventional loan or an FHA loan. Both have benefits and drawbacks—and you should know what they are before you make your final decision. To make sure your home purchase is one you’ll look back on fondly (rather than ruefully), follow these tips from Real Estate Agents East Keilor