Are you a first time home buyer? At this exciting stage in your life you need to be aware of the magnitude of your decisions as buying a home is a massive investment. For most of us, buying a home is the biggest investment we will ever make. While the process of buying a new home may seem fairly straight forward to many it can be a bit daunting for new buyers who are not familiar with all the processes and procedures. Don't let it overwhelm you and don't panic. There are a lot of experts whose job it is to help and guide you through it all.
If you really want to analyze any real estate investment then there are countless things that could go wrong. For the most part getting on the property ladder is good thing and even if you just stop paying rent money it can be a great step forward in your financial future. Before you buy anything though, here are 3 quick tips for common mistakes that first time buyers make.
1. Buying Your Dream Home
While realizing your dream of owning your own home is one thing, buying "that" dream home is totally unrealistic for most young couples. Those that do often find themselves in financial trouble fairly quickly. The real purpose of your first home is just to get your foot in the door. Buying your dream home and having all the luxuries is something you can always aspire to and achieve once you get yourself settled down and in a good financial position.
2. Overextending Yourself
A mortgage is a big deal. Not only does it tie you up financially but it becomes one of your biggest monthly expenses. Its important that you only borrow within your limits. If you over extend yourself then you can find yourself struggling every month. It can make life very stressful and add a lot of financial pressure that nobody can deal with long term.
3. Not Making An Investment
The most important aspect about buying your first home is to make an investment. Yes, you are going to live in the home and it has to be a "home" but in the biggest picture its the investment that will give you the greatest reward. Think of it as an investment and think about the value you can add to the property to sell it for a handsome profit. A good investment now can afford you that dream home in the future.
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Do you qualify for first time home buyer grants ? See my blog to read more about home loans for first time buyers ...
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