Over one-third of the homes bought across the country were by first time home buyers.
When buying my first house I didn’t know what to expect. I made tonnes of mistakes along the way.
But now, I’m privy to a bunch of tips, tricks, and secrets that anyone planning to a buy house for the first time should know.
Keep reading to find out what you didn’t know about planning to a buy house for the first time.
1. Homelessness is a Possibility
You probably already have a rented home. Now you’re looking at buying your first home. It doesn’t seem that homelessness is a real possibility.
When you’ve had your offer accepted, it’s easy to set the ball rolling with the move. Many people give their notice on their rented apartment.
However, if there are delays in the chain, then you could be left without a home. If you don’t have a back-up plan, then you could be left couch surfing. Or worse, moving back in with your folks.
If you need to help to finance your first home, check out manufactured home loans.
2. Always Read the Small Print
When you’re exchanging contracts it can really exciting. You’ve been saving for over a decade. You’re eager to get it over with.
However, this is also the moment when you need to check fees in the small print. You could be charged more than the original quote by the agent or attorney.
Even if the extra charges are usually just mistakes. It’s important to double-check what you’re signing before your crack open the champagne.
3. Do Your Homework
You can rush into making an offer for a property. However, it’s important to make sure you’ve done your homework.
Even if everything seems perfect for you. There may be a deal-breaker somewhere which you haven’t quite noticed yet.
Are there any planned commercial developments in the area? Could there be any legal issues which have yet to come to light?
Check out the insider investment trends in real estate here to know when you need to invest in your first home.
4. Pressure on Your Relationship
Buying your first home together is a big move in your relationship. Don’t expect the whole process to be easy on your relationship.
Over 60% of couples say they either disagreed occasionally, frequently or a lot when buying a house.
You need to be prepared to compromise with each other. You also need to be patient throughout the struggle to buy a house.
There is light at the end of the tunnel. Over 50% of first time buying couples said that they feel more committed and stronger in the relationship after they bought a home together.
5. It’s Not Over Until It’s Over
You think that when your offer is accepted, that’s near the endpoint. But you need to be prepared for plenty more ups and downs in the journey.
It can be extremely frustrating being limbo. You don’t know whether you’re going to moving into your new home next month or next year.
The trick is to be patient. It’ll happen in the end, you just need to be prepared for the long-haul.
Buying My First House
Now you’ve been given an insight into the tricks, tips, and secrets behind buying your home.
Buying my first house was definitely the right choice for me. But, it’s not the only way to wisely invest your money.
Check out our website for more tips on how to invest your cash.