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Whether you’re deciding to buy a home for the first time as a first time buyer you are an investor in property? Either way it is very important for every buyer to define some crucial elements. As having a clear idea about why you want to buy a specific property not only helps to ease the stress but also gives you a defined approach we have 5 must know questions answered for you;
What the list of your must haves in a home?
You cannot be coming up with new visions after seeing a home as this can not only take longer than you think to finalise the process of house hunting but also limit your options quickly. Some of the must haves for many buyers is a spacious backyard, furnished basement, stainless steel appliances in the kitchen and many more so define what is your priority and how much can you compromise.
Are you committed to living in the place?
Once you invest so much unless this is just a investment property for you having commited to live in the place for a while is important. If you are sure you would move out of the home sooner than 2 years then may be renting is still a better option for you and buying a home may just make you more stressful with the debt.
How much home can you really afford different markets and neighborhoods?
It is very important to get the costing right as this helps you to understand some of the other costs monthly mortgage payment. Take the time to figure out what you can afford per month, including property taxes and insurance. And what you can afford for a down payment, closing costs and all the other extra fees involved.
How do you plan to find an agent?
Sometimes something as simple as finding an agent can help you get the best deal so choosing wisely is the best option. The relationship between you and your agent will also help you to navigate your the process.
How much do you plan to save on down payment and also closing costs?
The usual estimate is 20% but now a days mortgage is available at a lower rate depending on several factors. Always keep in mind the bigger the amount of down payment the more equity and which means you will pay less each month.