Planning for a pretty long time for a major purchase like a home is amazing.
But let us get it clear, we are in the midst of a pandemic and a large percentage of people are way too stressed. Jobs are not stable and just everything is a complete mess.
Though you don’t have a perfectly planned and mapped out path for your purchase, there are ways you can become a homeowner quickly in a market primed for buying.
Want to know how, that’s exactly what we are discussing today. Read till the very end and you should be all set and ready to get a property.
Throw Those Pressures Into the Curb
I completely understand you, you are very desperate to have your property and own home. It’s completely normal for you to think that if I don’t buy this house now, the will grow a lot faster than I can save.
A significant amount of the population very dearly wants their own home for financial and mental happiness.
In the midst of all of the job tensions, the inclusion of this will make you head a pressure cooker (of stress of course).
Stress is very common, but just sits down with your kids or watches your favorite movie and completely forgets about all of these tensions.
Now, get back at it with a cool and foolproof mind. You don’t want get a house with the fear that it’s prices will increase, you want to get it because you see the future of your family in it.
The low mortgage rates now will definitely stay there for quite a bit of time until and unless the economy picks up.
Get That Down Payment Together
Deciding to buy a house is an easy thing, but putting together everything you need for it is very complicated. Do you have your down payment ready?
Well, if the answer is no, maybe you’re not yet ready to purchase the house.
You will need at least 5 percent of the complete purchase money ready for the down payment.
For the newbies, down payment is something you will have to pay from your pocket.
To be on the safe side, put aside 20 percent of your total purchase money for the down payment.
If you don’t put together at least 20 percent, you will have to pay extreme amounts of mortgage insurance premiums.
Get the Team of Experts Together
When you decide to move faster on your purchasing plan, working with experts is very crucial.
Having an expert on your side can save a lot of time and will also get you some good property rates.
Do your research, and put together all of the stuff you want in your property.
A good agent should be able to stick to your wishes and needs and still find you some amazing properties.
Another thing you should focus on is to get the mortgage pre-approval with your broker or the bank.
You’re not done yet, you’ll also need a lawyer, so go on a search right now and find someone that gets stuff done as soon as possible and don’t let it pile up.
The agent will recommend you to have a particular sum of money ready.
If you do have the recommended amount of money, get it transferred into the account through which you’ll write a cheque.
If you do so, on the offer day, you will be able to get a bank draft.
Make All the Arrangements for a Home Loan
Most people I know tend to do a lot of research for the house in their budget but forget about the home loan.
Comparing different home loans is also very important in order to find the best deal.
You definitely can’t be paying immense amounts of interests for your loan. Most interest rates start from 8%+p.a, whereas the fixed interest rates start from 9%+ p.a.
That’s not it ladies and gents, you’ll also need to consider the processing fee.
You need to consider all the different aspects of a homeowners package. It’s better to take some recommendations from friends and family that have recently taken a home loan.
Over property can be avoided if you don’t overbuy
A home will definitely be the biggest purchase you’ll ever make in your entire existence. Make sure you stick to the fundamentals of buying a property.
Be extra sure of what aspects you would want in your house.
9 out of 10 times, your needs will be above the budget but alter them to fit in your budget.
It’s better if you list down all the different things you need in the house to live happily and comfortably.
Also, you need to know that not only the house costs, mortgage, taxes, maintenance, insurance and parking should fit in the budget.