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First Time Home Buyers

Posted in Real Estate

Quite often people tend to overlook costs like taxes and insurance when they are calculating the total cost of buying a home. Buying a home involves a lot of hidden costs which you should be mentally prepared for. These are the areas where good mortgage brokers can help you by giving you the correct picture and arranging a suitable loan for you.

You can also place a call to a popular insurance agent in the area where you want to buy your new home. Insurance rates vary greatly between different areas and it’s good to know the facts before you actually make the decision of buying the property. It’s also important to know the exemption and loopholes of local laws of taxes.

Check out the closing costs

The cost of getting settled in a new place is bound to be considerable and it’s wise to know all the factors that contribute to it. There are costs like the fees (origination) charged by the lender, the settlement fees, insurance, taxes, title fees and associative costs. Check out the average closing costs in the area by asking Mortgage Brokers. You can also seek the help of real estate agencies in Mosman.

After the total cost is calculated you should know that as a home owner you should not spend more than 28% of your income on housing costs. If you end up paying more than that you will risk mismanagement of expenses.

Go slow and steady

The best piece of advice to a first time home buyer would be “take your time”. Buying a home is different from buying a shoe or a dress and you have to spend a lot of time in research, calculations and deliberations before you arrive at any suitable conclusion.

Get a solar power system to impress your buyers.

See to it that the house you are buying has security alarms.

Hire a removals company if your are going to transfer to your new home.