5 Tips for Successful First Time Home Buying – I want to buy my home today but how? Maybe this is a question lingering in your first time home buying. But homebuyers need not feel overwhelmed by the things they need to watch out for. Here are some tips to do it right:
1. Make sure you are buying from a reputable developer. Remember the real estate bubble of the late 1990s, when a lot of developers failed to deliver on their promises? The most important lesson from that bubble is: stick with the developer you can trust.
2. Canvass mortgage loan terms. On anything that’s a major purchase, it is still best to make sure the mortgage loan term is workable on the long-term. For some, monthly amortization will be the center of concern, for some interest rates. Generally, the lower the monthly mortgage payments, the higher the interest rates.
3. Take time to assess what you want versus what you can afford. Life is all about estimating reality. Those who can estimate nearest to reality will be happier. Be sure you understand your true situation and that your income is consistent with your dreams. What happens when you don’t? You may suffer from foreclosure. You should also balance between affordability and marketability of your house, so that if things get difficult financially, you can sell it at a higher price.
4. Pay close attention to lighting and ventilation. The standard size for windows is 1.2 x 1.2 meters. Ample-sized windows allow for good lighting and ventilation. Good ventilation will help you reduce air-conditioning and lighting costs in the long-term.
5. As much as possible, go for long-term, fixed home-lending rates. Mortgage rates among banks now don’t vary much, and if these rates will go up in the future, they will not be far from the eight percent to nine percent rate banks currently charge.
However, to be sure sudden market volatility caused by unforeseen financial upheavals doesn’t hit you, go for long-term fixed rates. Home loans are good debt; they give you a good place to stay, as well as equity in an asset that you can sell in the future.
Here’s the best tip of all: whatever you do, think carefully and objectively. Take your time.
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