Buying your first home is one of the most defining things you will do as an adult. However, due to the high cost and commitment of purchasing a home, there are many things that you will need to closely consider. Also, as a first time buyer, the entire process of buying real estate can seem quite complicated and frustrating. So, we will look at a few tips and guidelines that will help you to find a great home, take advantage of any incentives and ensure you are fully satisfied with the property.
Firstly, before you can purchase a home, you will need to have a stable income and the required downpayment. The downpayment for most homes is about 20% of the value of the home, but this figure is flexible according to your lender. Also, many first time home owners can access lower downpayments, depending on where you live. As a result, you need to do your research and talk to a variety of lenders and not just your local bank. However, regardless of the percentage, you will need to save up for a downpayment as well as the legal fees. So, for example, if you are interested in buying a home that costs $400,000, then you should have at least $80,000 in the bank. read more