FTC Disclosure

Life is complicated enough without getting into hotwater with federal agencies so: TAKE NOTE Many things I review I got at no charge in exchange for an honest review. Consider this as informing you that ALL things I review may have been gotten at no charge. Realistically about 60% but in order to keep things above board just assume that I got the stuff free. I do not collect information on my readers. If cookies or other tracking stuff is used on my blogs it is due to BLOGGER not ME. Apparently the European Union's new rules state I need to inform you if cookies are being use. If they are it isn't byu me, consider yourself INFORMED.
Words like, “sponsored,” “promotion,” “paid ad” or even just “ad” are clear ways to disclose that you’re being paid to share information and links so BE AWARE that some of what I write can be described as an AD by the government. BTW I will NEVER say a product is great, super or even acceptable if it isn't, whether I got it free or NOT!



Please check out my other blogs
Pick of the Literate 
or Azure Dwarf’s Horde
or visit my web site

Tuesday, November 1, 2011

9 Essential Tips for New Home Buyers--A Guest Post

Summary: What are some essential tips for new home buyers? Read on to find out!

(I accept guest posts.  This is a guest post and I am not recommending the companies that are represented by the links.  I have not researched them in more than a cursorily manner to just determine they are not offensive to my personal taste.  Posting the article is not to be seen as a endorsement of any kind except I thought it was worth reading.)

Buying your first home or first
investment property is a huge responsibility. Your personal financial future is often heavily invested in the value of your home. While a real estate agent can guide you through the process of buying a home, having a bit of knowledge beforehand can really help you avoid many of the costly pitfalls new home owners make.
Here are nine essential tips for new home buyers:
  1. Know Your Limits
Before you do anything, you have to know how much you can afford to pay. While you can easily get this information from banks and lenders, you should always have your own idea on what you can afford. These institutions don’t always have your best interests in mind. They want to maximise their profits and don’t always consider how much of a burden a large mortgage is on a new home owner. Also, be conservative when you estimate your financial strength.
  1. Determine What You Want
Once you know what you can afford, consider what kind of property you want to put your money towards. Do you want an inner city unit? Do you need to be close to public transport? Would you prefer a large country house? Figure out what you’re looking for first so you don’t end up wasting your time especially if you are considering it as a property investment now or in the future.
  1. Buy Smart
Always use common sense when buying a home. While you might fall in love with a certain property, it might be impractical to purchase it. Always use logic when determining what home you need to buy so you don’t inadvertently sabotage yourself.
  1. Don’t Overlook
Once you’ve found the home you want, stop looking. Prolonging your search can hold you back. As a first time home buyer your resources are generally limited. Don’t dawdle.
  1. Save for Twenty Percent
Although there is the standard minimum requirement for borrowing money for a property, you should always aim for at least double that figure. Twenty percent is a good, safe figure to aim for. Not only will you save thousands of dollars in interest in the long term, but in many cases you will be able to receive a better mortgage.
  1. Remember Closing Costs
Many first time home buyers often overlook potential closing costs. There is a litany of costs involved. Taxes, real estate agents’ fees and appraisals can quickly add up.
  1. Get Pre Approved
Make sure you are pre-approved for your mortgage before you start signing off on any deal. The last thing you need to do before your closing is to scramble for financing. Make sure this bridge is well and truly crossed.
  1. Calculate Moving Expenses
Depending on where you plan to move, moving expenses can be quite significant. A move down the road isn’t too bad but if you are moving to a different city, expect to spend some serious money.
  1. Furnishings
First time home buyers often go over budget, leaving them with very little in disposable income. They soon find out that, although they have a beautiful new home, they cannot afford to buy furnishings. Remember, you need to fill your home.
Buying your first home can be intimidating, but with these nine tips the process should be a whole lot easier to understand.

1 comment:

Pia @ Philippines properties for sale said...

Thanks for sharing this post. This is what home buyers should know before buying a home. That information you've shared were very helpful.

 Money Saving Tech Tips