Are you a first time buyer?

If you’re looking for a new house, all the new buyers should go through the home buying process. This will make them understand whether they can expect certain things or not. They should know what is going on in the property market at that time.

The buyers should first of all know whether they can afford to buy the home at that point of time. Don’t get impulsive and jump into buying the home. Make sure you don’t have to regret having not calculated your finances. It is best to wait and keep a check on the unnecessary expenses. Eventually prices will drop.

Nowadays, majority of the homes ask for at least 10% deposit. This is a considerably high amount. Apart from this, you should keep in mind the additional expenses you will incur in buying the home. Apart from generating the deposit money, the survey expenses, mortgage arrangement fees, insurance costs and cost of fitting out the house should also be considered. Combined salary is a major advantage for newly wed couples. If you’re single, you may find it very tough to buy property. It may require saving extra funds. In this case, you can get along with a friend or relative to generate sufficient funds, propose a joint mortgage and make a provision of a legal contract.

You should make sure you don’t end up paying extra money. Nowadays, people are so eager to sell off things that they overprice the properties. Hence, you should make sure to strike a good deal. Also, take into consideration the distance from your new residence to work. You should not opt for a residential area you are not fond of or are not familiar with even if the prices are cheaper. You might have to regret it in the long run.

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