Buying a property is can be a tedious process – especially if you don’t have a expert and professional real estate agent right by your side guiding you along.
Unless you a realtor with a well-trained team working for you, there’s plenty of legwork and homework that you would have to invest in. Those who are eyeing their first property will have an even steeper challenge. As daunting as buying your first property may seem, don’t be disheartened and don’t be overwhelmed. Take a few pragmatic steps and you would be fine.
Whether it is the deposit you have to make or the quest for the ideal property, where you would be looking and what kind of untoward surprises you would have to deal with, there are plenty of potential concerns.
- The first thing you should do is save money. You need to pull your finances together. Use your inheritance, savings and try to use any asset that you may have which can be liquidated without affecting your life. The more money you can deposit as the down payment, the better it is. It would reduce your home loan and will make instalments more affordable. It would also make you more desirable for the banks. The property market is really kind to two kinds of people, one who have the money and one who have the experience. You need either or both to get the best deals.
- You need to be an informed shopper. You must know what kind of properties are available where, why you should invest in a property somewhere, how to assess locations and you must know the exact processes of evaluation of a property, getting it inspected and then checking all the paperwork to know if everything is beyond dispute.
- You must be willing to compromise. First time homebuyers often aim for the stars - Expecting everything to be hunky-dory is a tad utopian. You must be willing to compromise on certain features or a few attributes to make yourself more eligible or to find a more affordable property.
- Finally, you should realise that you don’t have to stay at a property or make it your home to own your first property. You can very well use it as an investment property, rent it out and you can keep monetizing it till you can comfortably pay back the mortgage.