One of the goals of newlyweds when the wedding is finally over is to buy a house of their own. If you read on, you will find some tips that can guide you in buying your firs home.
If you are thinking of buying a home instead of renting one, then you need to commit to a mortgage. Buying your own house requires that you have a stable career. Your financial circumstance also needs to be a steady one. These are important if you are going to buy your first home soon.
just having a down payment and getting a mortgage is not enough to buy you your own home. You have to also find out if you can save and manage your money to pay your monthly mortgagee repayments. Lenders will look at your ability to pay your monthly due. So, it is good to start saving for a mortgage right after your wedding. It is best to have a separate account for fund for paying your dream home.
Applying for a fixes rate for your mortgage repayments is the best thing you can do. If you have a fixed rate, then whether the interest rate rises or falls, your payment will remain the same, so it can give you great peace of mind.
You should shop around for the best mortgage. Dont just settle for the first one you find, but make sure to look for the best one. Banks will not give you any special treatment even if you have been a client of theirs for many years so you dont have to be loyal to them.
Make sure you have calculated what you can afford when buying your first house. It is a mistake to borrow more than you can manage, and if you fail to make your mortgage payment on time, it can result to bad consequences which will affect your credit rating.
The house that you choose should be the one you want to live in and has all the feature that you want in a house. Decide where you want to live, if you want a big yard, if you want it near a school etc. Be patient in looking for one. If you wait patiently, you will soon be rewarded with a house that you will truly love. In the future, when you want to sell the house, you will realize that you cannot find a buyer for it.
Homes will have a slight difference on what you want it to be. Properties can be improved and this is what you need to look for. Find the places that you can change and focus on things that matter.
If you are a newlywed then you must be really excited about buying your first home. Follow the tips above and you will be able to make the right house buying decision.
Advanced reading: a fantastic read