Must Follow Rules for First Time Home Buyers

The new home buying demographics is changing considerable with the transforming standard of living. So this generation is very specific about buying a house, as  they have everything well planned; But there are a few things that can be a big surprise with the  new rules which are moulded to suit the evolution of real estate aimed to suit the new home buyers.

The rules discussed below are not based on a new policy change but solely are words of wisdom that often first time home buyers often overlook and then are buried in debt. Although there is not much of a disconnect between the traditional approach and the new focus, some viable inclusions are beneficial in many ways.

  1. Don’t buy a unaffordable house. Plan all your options, if things look out of league although it may be tempting stay away.

  2. Before you make a purchase your be sure to conduct an in depth research browse neighbourhood data on demographics etc.

  3. When seeking mortgage shortlist properties which have 30- or 15-year fixed loans this will help you to scale monthly mortgage payments and as a best practice make a 20% down payment. This will help you to keep your finances under control.

  4. Follow the “Less is More” principle religiously as more than struggling with finances for a mansion a spacious townhouse can be an ideal choice as it will be easy to maintain. This principle will also help to keep a check on your credit score.

  5. Decide and plan accordingly for 5 years stay in your new home. If you think this tenure is too much? Then you should still continue renting as buying a house requires commitment. Scale your budget to ensure along with the home ownership you have enough funds to make payment towards emergency repairs, maintenance, taxes etc.

It is always better to take your time when making plans about buying a new home as along with financial risks, you also need time and resources plus discussions advice and assistance from your family is also crucial. There is no problem in planning as it’s always better to play things cautiously as dealing with debts can be very stressful and disturb personal as well as professional fronts.

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