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When we’re teenagers, we take for granted the home we live in. It’s only when we have to go out in the big wide world and fend for ourselves that we realize how much everything costs! And buying a house is one of the biggest financial commitments you are likely to make. I’m guessing the next one comes in at having children! Here are some tips on what to bear in mind when searching for your dream property
Positive About The Market
The first piece of good news is that you can be positive about the real estate market. There are low mortgage rates and low-interest rates at the banks right now. This is good news for those looking to buy their first house. First-time buying is at an all-time high, and job growth is continuing to rise. These are all positive signs that the economy is working well right now.
Photo source: Pixabay
First-Time Buyers
The above point is good news for those already on the property ladder. But what about first-time buyers? One of your options is to consider house and land packages as these work well if your financial situation isn’t so great. The second option is to share ownership with either a boyfriend or close friend. The third option is to see if your parents can help with a down payment. Having a bigger deposit will help, and parents can gift $13,000 a year before having to worry about gift tax. The bank of mom and dad may want to give you a present or they may consider a loan!
Using A Realtor
If you are already on the ladder and looking for your next dream home, it makes sense to use a dependable realtor. Some buyers don’t like this option as they know realtors work on commission. But remember, it’s the seller that pays the commission, not you. Listings agents are the ones who receive a commission from both sides of the sale, therefore you will be losing more money going for that option.
Photo source: Pixabay
Negotiate All The Way
Don’t forget that throughout the buying process, the buyer is in a position to negotiate the contract. You can take longer to review your home inspection, purchase subject to mortgage approval and wriggle on the price. You can also negotiate who pays for what if issues come up on the home inspection. Nothing is set in stone until you sign on the dotted line. So always be savvy with your negotiating skills to get the best deal possible.
Consider All Properties
Realtors always tell us to look beyond the cosmetic. And that’s so very true. Don’t turn a house down just because you hate the orange color scheme or the kitchen seems too small. Paint color can be changed, windows can be made larger, extensions can be added, and walls can be knocked out. Providing you have a contingency fund, work out your budget and envision what changes you can make to a property. It’s better to go with a fantastic location than a fantastic house. With imagination and motivation, interior and exterior issues can be fixed.
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