With the purchase of the first home it is common to make mistakes that we are not aware of. Think that in a rental property you have the freedom to change if something is not as you expected, but when it comes to acquisition, the modification is not so easy.
In today’s article we are going to offer you relevant tips to keep in mind when buying your first home. Prevention is the best weapon.
4 Questions You Should Ask Yourself
Before even starting the search for your ideal home you should ask yourself the following questions:
- Do I have a stable employment situation?
- Do I have enough savings to apply for a mortgage?
- Is my periodic income sufficient and stable to meet long-term financing?
- Is the current time to buy a home a good time?
Is it important that you meditate on each of the issues before moving on to the next step that would be the search for the property?
How to find my ideal home?
The search for your ideal home can be a long and tedious process or you may feel a crush at first sight and not want to see anything else. In our years of experience we have seen everything, including the most common mistakes made when choosing a property.
Visit in property on numerous occasions and with different people
A curious fact is that most people buy their home after only three or four visits. This is a really short time to be sure what we need, especially considering the many hours we will spend at home.
The best advice we can give you is to visit the house on numerous occasions before making a decision. Do it at different times. You may like it during the day but at night there is a lot of noise or nightlife nearby.
It is also interesting that you visit it with different people. Four eyes see more than two. If you know someone with experience in the real estate sector, they will be your best ally to extract defects and virtues from the property.
Money isn’t everything
It is very necessary to be realistic and put a budget when buying based on the personal characteristics of each one, however, money is not everything.
There are people who buy because they have savings and want to invest without paying attention to the conditions. There are others who choose their home looking exclusively at making it affordable for their pocket and then regret not having taken into account other factors.
Financing: don’t keep the first offer
Once you have passed the two previous phases, the final one arrives, request financing from the bank. No matter how much trust you have with your usual entity, do not stay with the first offer they make you. It may not suit your credit profile or there may be more competitive mortgage offers in the market.
A good idea is to ask for help from a mortgage advisor outside the entity. They are professionals with extensive knowledge in the mortgage market who know all the offer at all times, being able to find you a personalized mortgage.