Rep House

Top Menu

  • Home
  • Contact Us

Main Menu

  • Home
  • Furniture
  • Remodelling
  • Roofing
  • Home
  • Green Living
  • Home
  • Contact Us

logo

Rep House

  • Home
  • Furniture
  • Remodelling
  • Roofing
  • Home
  • Green Living
  • Retaining Walls Auckland: Why Do I Need Them?

  • A Home Skylight: The Window You Never Knew You Needed

  • How to Design a Farmhouse-Style Kitchen

  • How Much Does a Home Water Heater Cost on Average?

  • 3 Amazing Small Loft Design Ideas

Real Estate
Home›Real Estate›For First-time Homebuyers: Secrets to a More Affordable Home Purchase

For First-time Homebuyers: Secrets to a More Affordable Home Purchase

By Alberto Aurelio
July 22, 2021
304
0

Buying a house for the first time is always an exciting experience. You are finally realizing your dream home purchase and are only a few steps away from becoming a homeowner. Since this likely your first time buying a property, it pays to do a bit of research and ask loved ones about recommendations. This will help you find the best ways to tackle homebuying and avoid the usual regrets of first-time homebuyers.

If there is anything first-time homebuyers want to achieve, that is to achieve an affordable home purchase. A house costs a lot of money. Since not many people are capable of paying in cash, they want to save as much money as possible during the purchase.

You may already found a great lender who is offering a sizable loan for first-time homebuyers like you. You managed to shop for mortgages and even got preapproved. But there are other things you can do to make your next investment a more affordable one.

Don’t Treat the Home Purchase as a Date

Sure, you are hunting houses after houses that are within your price range. You are looking for the best one that will fit your requirements and your lifestyle. Then, you managed to find one that you instantly fell in love with.

It could be due to the gorgeous kitchen, the nice pool at the back, or that wonderful view from the master’s bedroom. The house you fell in love with may be a little bit out of your price range, have more repairs than necessary, or may not have all the rooms you and your family need. If you let our emotions decide on what house to take, you can end up regretting the purchase in the long run.

As much as possible, look beyond the features you fell in love with. Listen to your gut feel and not just what your heart tells you. Before you make a decision, ask yourself many times and think about the things you need to sacrifice if you ever go for the house you love versus the one your instinct is telling you to invest in.

Use Research to Your Advantage

You may already have an idea of how much similar houses are worth within the neighborhood. The place looks peaceful and quiet, which makes it a great location for raising a family or working remotely. But then, looks can be deceiving.

What you want to is to check if the home purchase is worth your every penny. One way to figure out is to visit the neighborhood for a few days. Ask store owners and businesses around the block about the neighborhood.

Drive a few times and check how far amenities and public transport are from the house. Check the crime rate and check the place during different times of the day. It also won’t hurt to find out if the seller is paying their property tax on time or not.

Use a Home Inspection as a Bargaining Tool

Lenders usually don’t require their borrowers to get a home inspection. What they need is an appraisal. They want to make sure that the purchase price is not lower than the market value of the house you are selling. But then, investing in a home inspection is always a good idea.

For one, you get to identify what the necessary repairs and maintenance are on the property you plan on selling. The result of the inspection will give you an idea of how much of a fixer-upper home you are investing in. Once you get a hold of the report, you can use this to your advantage.

You can use the home inspection report to negotiate the price with the seller. You can either ask them to lower the price so you can handle the maintenance repairs or let them be responsible for the repair. This should give you an idea of whether the purchase price is worth it.

Never Stretch Your Budget Too Much

A good rule of thumb is to get a mortgage that will only accumulate less than 30% of your monthly income. This is since you need to take into consideration your other recurring expenses like debt payments, your savings, and other homeownership costs. As the experts say, go for a lesser house the first time to avoid being house poor.

You want to make sure you have enough budget to save up each month for home maintenance and repair. If you go beyond your budget and you can’t even afford to buy the necessary furniture upon moving, then this will only be the start of your financial struggles. Always choose the house you can comfortably afford then that big comfortable house you eventually fret at night.

Buying your first home may feel like a dream come true. There are so many considerations to make which can make the experience overwhelming. But by making the decision to buy a more affordable house you can comfortably pay for, you will have better peace of mind in your first abode.

 

Previous Article

8 Advantages of a Solar Panel Home

Next Article

Doing Up Your Home On A Budget

  • Home

    Top 5 Advantages Of The Best House Cleaning Service In Orlando

  • Home Improvement

    Fleas vs Bed Bugs: How to Know the Difference

  • Home Improvement

    Guide to Luxury Interior Design

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • January 2019

Categories

  • Appliances
  • Basement Finishing
  • Business
  • Cleaning
  • Constuctioin
  • Featured
  • Floor Refinishing
  • Furniture
  • Gardener
  • Green Living
  • Home
  • Home Improvement
  • HVAC Contractor
  • Kitchen
  • Mold Removal
  • Moving
  • Pest Control
  • Plumbing
  • Real Estate
  • Remodelling
  • Roofing
  • Security
  • Water Softening Equipment

Recent Post

Furniture

Retaining Walls Auckland: Why Do I Need Them?

  • A Home Skylight: The Window You Never Knew You Needed

    By Denny white
    May 26, 2022
  • How to Design a Farmhouse-Style Kitchen

    By Charls Grevious
    May 26, 2022
  • How Much Does a Home Water Heater Cost on Average?

    By Shown Devid
    May 26, 2022
  • 3 Amazing Small Loft Design Ideas

    By Teresa Sobo
    May 26, 2022
  • Popular

  • Comments

  • Retaining Walls Auckland: Why Do I Need Them?

    By Clare Louise
    May 27, 2022
  • Buying Used Master bedroom Sets

    By admin
    April 1, 2019
  • Home Remodeling – Make Your Dream House

    By admin
    April 1, 2019

Timeline post

  • May 27, 2022

    Retaining Walls Auckland: Why Do I Need Them?

  • May 26, 2022

    A Home Skylight: The Window You Never Knew You Needed

  • May 26, 2022

    How to Design a Farmhouse-Style Kitchen

  • May 26, 2022

    How Much Does a Home Water Heater Cost on Average?

  • May 26, 2022

    3 Amazing Small Loft Design Ideas

Calendar

May 2022
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Apr    
  • Contact Us
  • Home
  • Furniture
  • Remodelling
  • Roofing
  • Green Living
Copyright @ 2019 rephouse.net | All Right Reserved.