Buying a Home

For most people, buying their own home is the biggest single investment they will make in their lifetime, and the mortgage they take out to fund the purchase, will be the biggest financial liability they will burden themselves with. If that wasn't enough, moving house is said to be one of life's more stressful experiences.

You can save yourself some time and avoid disappointments later, by giving some serious thought to your real needs, before just jumping in. Some preparation now can save heartbreak and hassle later.

You are either a first time buyer, you have an existing home that needs to be sold before acquiring another, or you or are a second home buyer. Each will have a different set of priorities that will determine how you proceed but the principles of buying a home are the same. Here are some guidelines on buying a house.

Why are you buying a property? As a long term home or an investment?

If you are treating the purchase of a property as a long term investment, rather than as your principal residence, you need to be fairly clear on who you see as being your future potential buyer. The property requirements of a professional couple, are likely to be substantially different from those of a family with young children, or a couple at or near retirement. Location is paramount in buying a home, and even more so if you are to make a success with investment properties.

If you are buying a home to live in and expect to be there quite a while, why are you thinking of buying now? Do you have to buy? Is your job relocating you? Do you  need more space for a growing family, or do you just want a change?

First time Buyer

With first time buyers, the most common restraint is cost limitation, so to get a foothold on the property ladder, buying a home that is affordable tends to be the most relevant factor. First time buyers, by definition, tend to buy at the bottom of the price range, and provide the buying impetus through most of the property market except the luxury top end.

Changing home

Moving on from initial home ownership, people tend to 'trade up' on subsequent house buys, moving to a bigger home or a better area. When near retirement age, the tendency is to move to a smaller, more manageable home, perhaps in a quieter neighbourhood, and with little or no mortgage to worry about.

Second Home Buyer

Second home buyers can look for somewhere to escape from the pressures of work, and their choice of location tends to be influenced more by leisure and relaxation needs than anything else.

Guidelines on buying a house

Although house buying is straightforward enough, you should be clear in your mind why you are buying, where you want to live and what exactly you want to buy. The first step you need to take, however, is to establish what you can realistically afford. So:

• Ensure that you can afford the initial costs of home buying, the ongoing monthly mortgage payments together with the added living costs that come with home ownership.

•  Make sure your purchase finance has been agreed, at least in principle, before you start looking to buy, either as a first time, or subsequent buyer.

• If you already own property, which you need to sell before paying for another property, make sure it's sold before looking for, and agreeing to buy your next home.

• Know exactly the type of property to search for.

Buying a home with no money down
I often get asked if it is possible to buy a home with no money down. Well, you could get yourself a 'no money down first time homebuyer mortgage', assuming you qualified and they are still available in the current state of the housing market, but you would do well to reconsider.

Buy a House on MLS
If you are interested in real estate, as either a buyer or a seller, you will in all probability have come upon the multiple listing service or MLS. Homes being marketed right across the country in all fifty states are being offered for sale in the MLS, and can be accessed through most realtors’ websites or by visiting www.mls.com.

The importance of Requesting a Home Inspection
Ok. So you've found the house of your dreams and you're ready to make an offer, haggle a bit on price perhaps, then finalise the deal, and move in. But what if your new home has problems you are unaware of? What if it needs a level of repair and maintenance which is not apparent at a normal viewing.

The Advantages of Being a First Time Home buyer
Buying your first home can be a daunting experience.  There are many things to take into consideration before you go ahead, from finding the right house to arranging mortgage finance.  However, being a first time home buyer does have its advantages.