Three key tips for first time homebuyers

When it comes to buying your first home, you can never be too prepared.

Buying a home is one of the most significant purchases you’ll make in your lifetime. It can especially be an overwhelming experience and you might not know what to expect.

This guide will help you navigate through the home buying process with three useful tips to consider. Quao Realty provides advice to first time home buyers and aids in the process of acquiring your dream home.

What is a First Time Buyer?

‘First time buyer’ is a fairly self-explanatory term used to describe someone who hasn’t previously purchased a property. When you decide to buy your first home there are some vital things you’ll need to consider such as payment plans, mortgage opportunities and your budget.

1. Start Saving Now

If you have plans to buy a house in the next 5 to 10 years, you must start saving now. First, you need to set a budget and find houses in your set budget. Projecting an upward price hike every year will enable you to estimate how much the house will cost in future. If you are considering a mortgage then typically you’ll need a down payment of at least 10% of the total house price.

2. Find a real estate company

Finding the best real estate company for you can be tricky as there are a lot of options available with each catering to different aspects of the real estate industry. However, it is important to research and find a company that can help you find the best and safest property to buy. There are a lot of pros to hiring a real estate company:

● Industry Expertise
● Real Estate companies have a professional network
● Real Estate companies can spot potential problems
● Ultimately companies save time and money

3. Do Your Due Diligence

Due Diligence in real estate refers to investigations and evaluations carried out before the purchase of a property. There are factors to consider as part of the due diligence process, including but not limited to, identifying the rightful owner of the property and any impediments associated with the property. For the physical aspect of the property, it is beneficial to hire a home inspector to scrutinise the house you intend to buy as part of the due diligence process.

They will most likely be looking for problems that could cost you a lot of money to fix.
Whether you are ready to buy now or still in the process of getting your finances together, one thing’s for certain, plan, plan and plan again! These tips are just a starting point, there are many factors that need to be looked into prior to your purchase. Quao Realty offers flexible and comprehensive payment plans to help first-time buyers make the best financial decisions; cash and mortgage payment plans in order to get their foot on the property ladder.