Negosentro | Turn Your Home – Buying Journey into A Fun and Easy Experience | Buying a home is not an everyday purchase hence it can be an emotional roller coaster. This because you are buying your future, a place you will make a ton of memories while raising your family. Also, a house costs more than any other thing that you will ever buy which makes it scary. Since most people get to make this major decision once in their lifetime, it is important that you turn this stressful experience into a fun exercise. Here are four tips on how you can go about it:
1. Learn the language
Like any other field, the real estate sector has got its professional language that can put you off sometimes particularly when you are a first-time homebuyer. The truth is; you can begin to get stressed up whenever you feel like you do not understand any of the terminologies used. Hence, you need to learn some of the common real estate terms used so that you develop some base knowledge about what is being said.
Some terms like “principal”, and “closing” may be easy for you to understand but there are others like “escrow holder”, “amortization”, or “adjustable-rate mortgage” which might be difficult for you to wrap your head around. This means that you have to get a professional to demystify some of these terms so that you know what to ask when you embark on the house searching exercise.
2. Perform an online search early
It is important that you perform an online search to get a feel about what is available on the market. Sites such as Realestate.com.au, Realestateview.com.au, OnTheHouse.com.au, or Domain.com.au will give you a head start in your home hunting exercise. A search in any of these sites will help you know the kinds of homes that are available in the location that you prefer, the price ranges, and the sizes you should expect. Often, you have a broad idea about what you want from the things you have seen in real estate magazines or on TV.
The beauty of an online search is that it will also help you refine your thoughts such that it will be easy for you to narrow your search and manage your expectations. When you start browsing, you will need to make a list of the things that are a must-have such as house style, square footage, layout, neighborhood, school district, and proximity to essential amenities (malls, hospitals, or parks). Having such a list will ensure that you do not get worked up when you begin to view various houses
3. Partner with a realtor early
A good real estate company will guide you through the home buying process ensuring that you understand what is going on and what is expected of you. A realtor from such a reputable company will help you remain impartial about the pros and cons of a house and point out any red flags making your house viewing experience successful. Additionally, given that real estate companies have been in businesses for a while, that means that they know the best mortgage lenders. Therefore, they can connect you to a good lender who will answer all your questions thereby reducing your stress. A property management company will help and advise you on how to manage your new property and what to do next.
4. Iron out your finances
You would feel frustrated once you find your dream home but your credit report prevents you from securing it. With such a major investment idea in mind, you first need to secure your credit report early enough so you can correct whatever issues that it may have. If you are still in the preliminary stages of your home search, you should get a pre-qualification assessment done by your bank to see the size of loan that you qualify for.
Suppose you are already decided about buying a home, you can go right ahead and get a pre-approval which will automatically initiate the loan request process. While at it, ensure that you save up for a down payment of approximately 20% so that you qualify for the loan that you want. A 20% down payment sounds like a huge amount of money but it is better to have saved more than have to start looking for alternative funding solutions later.
Buying a home will never be a completely stress-free activity but the above tips can help you alleviate any doubts that you may have. The trick is to be patient, follow your gut instinct, and most importantly, keep an open mind!