Important Things the First Time Home Buyers Should Know

Everybody wants to have his own house and as a first time buyer there are few things that one must keep in mind before buying a property. Buying a house may look very easy but it is not so. Unless you have done your homework properly this is going to be very difficult for you as there are lot of things that needs to be considered before taking the step. Let us discuss them here.The very first thing that as a first time buyer you ought to do is assess your financial situation. First you have to see how much you can invest in your first house so that your other expenses are not disturbed. If you do not have enough funds you can always check on your bank for loans. But while making your budget you must keep in mind that bank offers only eighty-five percent of the total amount on the property as mortgage loan. The rest amount has to be arranged by you against the down payment.To avail loan from bank you need to have a steady job like for about two years or so and a steady monthly income. Once bank ensures that you are in a position to repay the loan they will declare the amount that you can get as loan from them. Once the bank approves you must collect the pre-approval letter from them. This will help you to know the exact budget for the property that you can invest in.Once your finance and budget has been taken care of now is the time to choose the property. For that it is always better to study the market properly. Check out as many advertisement as you can which will give you good knowledge about the prevailing market rates of property in the area you are interested in and you can always know when it is overpriced. Apart from that you can also checkout the reputation of the builders.Equally important is to know the terminology of the real estate market like a difference between freehold and leasehold property. This will always help you save time and in long run good amount of money as well. Many first time buyers do not consider taking notice of it and repent later.One very important thing that as a first time buyer you should keep in mind is the location. With your finance on track and your homework done you can now start looking for property. Just remember one thing that location is very important because in future if you consider selling it off you do want to make good returns. As it is said “It is better to buy worst property in the best street than the best property in a worst street.”After checking out the location of the property it is now time to review the property itself. Check out if it is in accordance with the HOA rules in the area so that you do not bear any penalty or if there are any other faults or technical issues. After all you do not want to be bothered with it once you buy it. Checkout for the ownership of the property too or you might get duped for a disputed property. With all the inspection done you are now ready to take the plunge.