Home buying is exciting, but it can also be nerve-wracking. It’s one of the most fulfilling experiences you can ever have and at the same time, stressful. However, the Mortgage Investors Group says that you can make your house hunting a success and a pleasurable activity, as long as you take these factors into careful consideration:
The earlier you start saving up for a down payment on your future home, the higher your chances are to experience an easier and faster negotiation process. Moreover, it also puts you at a better vantage point for getting a good deal on your loan.
It’s best that you aim for the bar of 20%, as this helps you avoid mortgage insurance, which can quickly add up over all those years you’ve been paying for it. Furthermore, you can also secure a lower interest rate when you can put down this amount. There’s also the fact that the bigger the down payment you make, the smaller the capital you’d have to pay interest for, which means bigger savings in the long run.
Before you start house hunting, you should already have a list of the features you want and need. From the floor space to the number of rooms to a garden to a balcony, make sure you have all these noted. This way, you’ll find it easier to narrow the list down to properties that satisfy most, if not all your preferences and requirements.
Prepare yourself for the possibility of making a compromise on certain things. For instance, you may find a house that doesn’t have a balcony, but has a spacious front or backyard at a price you can afford. As long as you like it, and you’re okay adding the balcony in the future, then you should consider buying.