Thursday, 22 December 2011

Advice for first time buyers

By Ian Fletcher


Attempting to buy your first property can be an overwhelming experience, but a fun one too. It is essential you do your research into all the aspects involved in buying a house before you begin the process. Knowing what your budget is, the cost of buying a house and how much your mortgage may be are important aspects to ascertain upfront. By using an online calculator mortgage costs can be determined.

Working out your financial situation before you begin is imperative and using an internet calculator mortgage repayment costs can be estimated for any interest rates on any mortgage. This will provide you with a good idea of how much your mortgage could cost you. However, it is also advisable to consult a professional mortgage advisor for expert advice and clear explanations of what is involved with a mortgage.

If you plan to buy a house to rent out, using a buy to let mortgages calculator will provide you with a good idea of the cost of your mortgage. Buying to let can be an astute business decision, but it can also be a costly one. Utilising a buy to let mortgages calculator allows you to know your repayment costs from the start. There are no guarantees in the property market, so seek professional advice before embarking on buying your first property, whether you plan on living in it or renting it out.

You have no doubt by now already trawled through hundreds of properties listed for sale on internet sites. This is a fantastic way of getting to know your neighbourhoods and types of homes available along with the prices. If you have a good idea of your goals, the type of neighbourhood and home you want and the amount of money you think you can afford, then you are halfway to owning your first home.

Visit many estate agents and make sure that they listen to your search parameters to ensure they only send you to see houses which are appropriate to your needs and wants. You may have found a few properties on your internet searches which you would like to view. Be as clear as possible about what you want to prevent time wasting viewings. If your goals are not clear, the more houses you view, the more apparent they will become.

Viewing numerous houses a day is exhausting and can overload you with information. If you like somewhere, request to see the house again as soon as you possibly can and if you still like it, buy it! Don't leave a property you like on the market for too long, even if it has been there for a while. You may get into a bidding war with someone else which can raise the price. If you want a property, act quickly.

Your agent can find out about the sellers motivation for selling the house and can also check that another offer hasn't come in and the house is still available to buy. An agent should not steer you toward buying any particular house but should help to point out the aspects of the house that meet your search parameters. They should also point out any defects that they are aware of.

It is all very well falling in love with the perfect house, but you must ensure you can afford it. Using the online available calculator mortgage costs can be ascertained before you start your house search, giving you the best possible start to finding the right house for you. Remember, you can only buy it, if you can afford it!




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