If you’re a first-time homebuyer, there’s no better time than now to buy your first home. But before making your move, it’s important for you to be aware of some of the most common mistakes first-time homebuyers make when purchasing their own house.
Take these tips from Harcourts Christchurch, the leading real estate agency and make sure you avoid them!
- Know your finances
You need to know your finances. In order to get the best deal on a home, you’ll need to have a clear idea of how much money you can put down and what your monthly payments will be.
Your credit score is one of the most important indicators when it comes to financing a home purchase, but some lenders may also check for other factors such as income and debt-to-income ratio.
If these are all within range, then great! But if they’re not—or if there’s even just one item out of whack. It could negatively impact your ability to obtain financing for any other type of property besides just houses.
- Explore your mortgage options
Now that you know what real estate is, how to buy a home and how to use a mortgage calculator to understand your options for funding your purchase, it’s time to explore the different types of mortgages available.
You have two main types of mortgages: fixed-rate mortgages and adjustable-rate mortgages (ARMs). Fixed-rate loans are typically longer term than ARMs because they don’t change the interest rate over time.
- Find Professional
Finding the right real estate agency like Harcourts Christchurch is important for your first-time home purchase. The best way to find an agent who is experienced, professional and honest is by asking questions of current clients.
Make sure you get in touch with past clients who were happy with their experiences working with the real estate agent you’re considering as well as any friends or family members who have used him or her before.
- House hunting
When it comes time to house hunt, you need a real estate agent who will help you find the right home for your needs and budget. A good real estate agent will be able to show you homes that fit both criteria.
Ask friends and family members who have used that kind of service in the past if they were satisfied with their experience with that person or company. You can also check out online reviews of companies at sites like Yelp! or Google My Business (GMB).
- Inspect the property
Look for signs of pest infestation and other problems that could be harmful to your health or the health of others. Pay attention to things like waste or rubbish, as well as fire hazards and water damage (if applicable). Inspect the property as if you were buying it yourself—even if it’s an investment property!
This is a great guide for new homebuyers and we hope that you found it helpful. If you have any questions about this article or other real estate topics, please contact us today. Harcourts Christchurch is looking forward to finding you your dream home!