The property market is a horrendous place, particularly if you are a first time buyer and the economic climate is not making it any better. For young couples, scrounging enough money together to buy their first home can seem impossible. But, it might be easier than you think because with these tips you will be able to buy the home of your dreams.
Check The Market
Your first decision is choosing when it is the right time to buy your new home. As a general rule you are looking for news items stating that houses in the area you are looking at are low. But, you can also do your own research, comparing the market online and investigating how much you are going to need to pay to afford a house. Do not panic if the price of the home you want exceeds your spending budget because we are going to get that price to drop.
Find The Home You Want
Do not just jump into the decision of buying a home. If you have decided it is the right time for the market that is great, but you also have to find the right house for you. This means a place that you will want to live and remember to think about the future. You may not be able to afford to move again after you buy the property so think about whether you want the house carefully. Consider whether it is the kind of place you would want to bring up your future children, if you are a couple, or live out your life, if you are retiring. It will have to match your own personal needs and requirements.
Adjust The Price To Match Your Needs
Once you are happy you have found the house you want, it is time to adjust the price to the level that you need. The way to do this is to haggle and do not forget that while you are keen to buy the home, they will be just as anxious to sell it. With a little pressure they will lower the price of the home to match your wallet.
You were supposed to research the market before this step and if you did, this puts you at a good advantage. You know how much homes are selling for in the area and what is a reasonable price to pay. Do not let the seller know that the house is your dream home. Instead, tread lightly and ask questions. After that, negotiations will begin and you need to make an offer. This will be adjusted a number of times, up and down, but be patient and you will get the price you want.
Put Down A Payment
Finally, rather than pay the full price of the home you will most likely need to take out a loan or mortgage. You will only have to pay around five to ten percent of the asking price and you will borrow the rest. You may even be eligible to pay nothing or a smaller loan with the help of organisations like the Federal Housing Administration. Do some research to find if you match the FHA loan requirements?
If you complete this process, congratulations. You will have been able to purchase your very own home and we hope you love living there.