4 Important Checks Before First Time Home Purchase

It can be quite exciting to finally be in a position to purchase your very first property especially if it is a home. It will definitely have taken time and money saving to finally reach a stage where you feel ready for your first home purchase. The best you can do therefore is to ensure that you do not end up plunging into the property market blindly. You want to get the best value for the money you put on your home. To have a smooth purchasing experience, there are checks that are most important.

1. Check types of homes

When it comes to residential property, you can go for a condo, townhouse, traditional single family home or multi family unit that comes with a number of units. The fact is that every one of these options comes with pros and cons. Let the homeownership goals you have guide you in making the decision as to what the best property type is. The type of home determines the prices too, so you will be able to evaluate what you can afford when you check the types of homes at your disposal.

2. Check mortgage options

It is very rare that you will have every penny needed to buy a home when you are a first time buyer. Most homeowners actually are able to realize their home ownership dreams with the help of mortgages. You of course have an amount to start you off with the purchase but then a mortgage offers you the flexibility to pay up the remainder at a convenient pace until you are finished. Your monthly income, debt and length of your current job are some of the factors that can be used to determine your first time buyer mortgage. Check out what different lenders have for you so you can choose the most suitable mortgage rates, deals and offers.

3. Check and compare homes for sale

Now that you already know whether you want a condo or townhouse and you are sure you can afford it, then the next step is to check out available homes for sale. Online listings, real estate agents or simply driving around neighborhoods that you are targeting are all good ways of finding you the perfect home to buy. In this check you can concentrate on the size and design of the house to help you narrow down the search to a few of the most suitable for your goals.

4. Check house features

Once you have settled for a few of the best properties, the next thing it to check whether the home has all features you deem crucial and ensuring that they are in proper order. For instance, how is the sewerage system? What is the condition of the swimming pool and garden? Also very important to consider is the surroundings. Do you like the neighborhood? It is convenient enough for you? All these checks will help you select the best property so you can then get into the purchasing process.

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