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Home Buying Guide: Steps & Tips for First-time Home Buyers

Buying a house is a substantial step in anyone’s life, and it can be an even bigger process than you expect. It’s not just about the house itself; it’s about the neighborhood, schools, access to public transit, and more. There are a lot of intelligent decisions to make, but with some research and planning, buying your first home can be rewarding. This guide will be helpful to those who are new to the home buying process; regard these steps for finding your first home.

Considerations Before Making a Purchase

Your long-term objectives should be your guiding force in deciding whether to become a homeowner. Some people view homeownership as converting all their rent payments into mortgage payments, leading to the ownership of something tangible and valued. Other people view homeownership as a symbol of independence, and they relish the prospect of being their landlord. Then there’s the angle of viewing homeownership as an investment.

House Type Best Suited to Your Requirements

Several types of residential property are available for purchase, including single-family homes, duplexes, townhouses, condos, and residential buildings with between two and four units. Depending on your homeownership goals, each option has advantages and drawbacks, so you must decide which type of property will help you achieve those goals.

Convenient Location and Daily Commuting

Access to transportation is one of the most important factors to consider. A property buyer should consider the time it takes to get to work or school. It is advised that buyers ensure that a location is surrounded by commercial establishments, emphasizing that these are the things that will add value to one’s property, especially when selling or renting it out. It is critical to have excellent amenities such as shopping malls, grocery stores, gyms, and hospitals.

But you can consider buying a house far from civilization if you want to get out of the chaotic world and require peace.

Examine Your Financing Options

Keeping your finances in order will be in your best interest. In general, you must have a good credit history of paying your bills on time. Lenders nowadays prefer to limit housing expenses to approximately 28 percent of the borrowers’ monthly gross income. However, this figure may vary based on the local real estate market.

Once you’ve decided on a lender and submitted an application, the lender will verify all of the financial information you’ve provided (checking credit scores, verifying employment information, calculating -income ratios, etc.). The lender may pre-approve the borrower for a specific amount.

Get a Home Inspection

A trained professional’s inspection for quality, safety, and overall condition are essential, even if the house you want to buy seems perfect. If the home inspection reveals serious flaws that the seller failed to disclose, you should be able to withdraw your offer and receive your deposit back. If you find yourself in this situation, you could try negotiating with the seller to repair or reduce the selling price.

Make a Proposal

Depending on how much you want to pay for the house, as well as any conditions you wish to impose, such as having the buyer pay for the closing costs, your agent can help you determine how much you want to offer. Next, your agent will present your offer to the seller’s agent, who will accept or counter your offer. You can then take or continue to negotiate until you reach an agreement or decide to call it quits.

Examine your budget again before submitting your offer. This includes estimated closing costs, commuting costs, and any immediate repairs or mandatory appliances you may require.

This outline should get you started on the right track toward filling any gaps in your homebuying knowledge. Remember that the more you know about the process ahead of time, the easier it will be for you to get the house you want at a price you can afford.

Buying a home is a tricky process, but there are plenty of resources out there to help you get through it. These are some valuable tips for buying your first house. If you’re ready to put these tips into action, reach out to the best real estate platforms in the market to get started today!

Can’t Decide Between a Condominium and a Townhouse?

Published Date : Article Buying Property Buying Tips Community Guide Design Housing tips Investment Tips Property Recommendations Real Estate 101 Renting condominium

In real estate, the sky is truly the limit. There are so many choices to make when you’re starting to look for a new home. If you’re in the market to buy a new home, your choice of residence is probably already on your mind. Choosing a place is one of the most important decisions you’ll make. However, it can be challenging to decide between a condo and a townhouse, especially when each has advantages and disadvantages. Let’s look at some of these differences so that you can make an informed decision about which one to choose as your next home!

Ownership

When you buy a condo, you own your unit and share joint ownership of the building with the other owner-tenants. This joint ownership extends to the structure of the building and its common areas, such as the gym, pool, grounds, and airspace.

Ownership of a townhouse is more comparable to ownership of a detached single-family home. Here you own both the structure and the land on which it sits; the only difference is that it shares some walls with other townhouses.

Maintenance

Condos are the easier of the two types of housing to maintain because the HOA handles all maintenance and repairs outside the unit.

Townhouse owners must perform additional maintenance tasks, such as cleaning roof gutters or repainting the building’s facade, for which the HOA is not responsible.

Condos and townhouses require less maintenance than detached homes, making them ideal for first-time homebuyers (or busy people in general).

Amenities

Townhouse communities are typically smaller than condo communities, which can be advantageous or disadvantageous depending on how much communication you prefer to have with your neighbors. If you want a strong community feels with places to socialize like swimming pools, gyms, or bbq areas, a condo is more likely to have these amenities. Townhouses may have more private amenities, such as a front lawn, back yard, or garage, that are not shared with other residents.

Homeowners Associations

You can’t discuss the condo vs. townhouse debate without bringing up homeowners’ associations (HOAs). This is one of the most significant differences between these properties and single-family homes.

When you buy a condo or townhouse, you must pay HOA fees every month. The HOA manages the building, grounds, and common interior areas in a condo. The HOA manages common areas in a townhouse community, including general grounds and, in some cases, roofs and exteriors of the structures.

Location

High-rise condos are commonly found in urban centers because they are denser housing, and their amenities can make city living more enjoyable. Because townhouses require more space, they may be located further from the city center, reducing walkability. Townhouses are clearly intended for car owners, and many have private garages or at least personal parking spaces.

When choosing the right home for sale, consider how much money you have saved, how much space you need, how long you plan to stay in your home, and how much you are comfortable spending on repairs, maintenance, and remodeling.

Visit open houses and look through online listings to see what’s available in your price range. It is a brilliant idea to work with a real estate agent to help you narrow down your choices and conduct extensive research to go into the home buying process, knowing exactly what you want.

Things Nobody Teaches You About Buying a Home

Published Date : February 16, 2022 Article Buying house Buying Property Buying Tips Community Guide Investment Tips Property Recommendations Real Estate 101

A great home is a dream come true. The decision to purchase a house is one of the biggest you will ever make. And it’s likely the most significant investment you’ll ever make. But what are the things that nobody teaches you while buying a home? We have gathered information about the home buying process from real estate buyers’ experiences to answer this question. Here are a few less known things you should know about when buying a property:

There Will Be Many Properties to Choose From

We start our home buying journey; we don’t know where to start looking. We only see the type of house and location we want, but not the properties available in the market. If you type “condominium for sale in Makati” into the Google search engine, you will be flooded with thousands of real estate properties in the Philippines on multiple online marketplaces. And some of the unnecessary information can create chaos in your search. Find a reliable real estate website where you can find your in-depth research.

Property Prices Are Open for Negotiation

Many first-time buyers face a situation of accepting the asking price or negotiating a better deal when buying a house. If you are in the market for buying your first home, then chances are you’ve already been confronted with the challenge of deciding whether you should go for the listed price or not. Making this decision is a difficult one, but one that will impact whether you get the best deal or not.

House prices are not set in stone and can be negotiated, depending on the market and your negotiation skills. If you want to get a better deal on your next property, compare that property with the similar ones in the locality; it will give you a better picture of the property’s value.

Encountering Unfamiliar Vocabulary While Home Search

There may be a language barrier that you have to deal with when looking for a new home. Not everyone will use the same terms and acronyms when talking about the home purchase process. If you are unfamiliar with these real estate terms, your search could be more difficult.

The best way to deal is to be prepared with the basics beforehand. Learn about the primary terminology of real estate, so you can comprehend the deals better and communicate effectively. Remember that communication is the key to grabbing the best deals.

Finding a home is exciting, but it’s also incredibly complex. There are many things nobody teaches you about buying a home, and if you don’t take the time to learn them now, you could end up spending more than necessary or even lose your dream house to another buyer. It’s never too late to learn and invest in real estate, so begin your journey today!