Dollars From Sense

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Home Buying Help: Don’t Let Hindsight Fill You With Regret

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Money isn’t the only thing you will need to spend a considerable amount of when it comes to buying your first home. You’ll also need to spend a considerable amount of time researching your purchase and all the little things that come off the back of it.  Ask anyone that has just been through their first house buying experience and they will all wear the same exhausted and somewhat haunted look as they mutter the words, “investigate everything you can and expect to deal with more paperwork than a school teacher who works as a part-time police officer.”


Just to clarify, this isn’t so much an insight that aims to prepare you for the unexpected, it is advisable to help you make this rollercoaster ride as low-key, serene and calm as possible. After all, knowledge is power and that is why you need to educate yourself as much as possible. The local real estate market, the home buying process, tax on purchases, what to look for in an agent and how to hook a seller. Basically, everything should be explored.


With that said, it is hard knowing what to explore when you haven’t been through the process before and haven’t got the kind of twenty-twenty vision that is offered by hindsight. That is why we have come up with some tips, tricks and pieces of advice that no first-time buyer ever gets given. Now go and snap up that dream first home of yours without the stresses that tend to pop up out of nowhere and totally slap you silly.


Start Saving And Start Saving NOW!

The easiest way to help yourself financially is to adding to your down payment right away. Trust us, this will take away so much of the financial strain and stress. Most people don’t realise just how much of a saviour this can be until it is too late and they are slapped with an 80% mortgage, topped off by the interest they have to pay back on that. Of course, the difference between being able to hand over a 20% down payment and, let’s say, a 30% down payment may not seem huge, but it could save you thousands. Don’t believe us then just put the figures into this home loan calculator and see the results for yourself. That is why we recommend you start saving now because the more you can stump up to begin with the less you will have to borrow and the less interest you will have to pay back. Even if you aren’t ready to buy now and are just exploring your options with the intent of looking in a couple of years time, putting away an extra $99 bucks a month can make a big old difference in the long run. Basically, the earlier you start saving the more you will thank yourself later on.


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Never Let Yourself Be Pressured By Time

Life is all about timing, we know that, and there are certain life events that can make you feel like you need to act now or forever hold your peace. We’re talking about expecting a child, getting new of a reshuffle at work or anything else that may see your heart rate rise and the hands on the clock tick a little faster. However, no matter where your sense of urgency stems from, try not to rush into any home purchase. The reason for this is so many variables come into play when you are buying a home, and each one tends to need a lot of careful consideration. The type of property you want to buy, where you want to buy in, what are your needs, do you want a new home or a doer upper, where can you compromise and where do you really want to stand your ground; all of these need to be looked into before you go ahead and pull the trigger. Trust us, you don’t want to come away with any niggling feeling that you may have settled for less; that will just haunt you.


Shop Around For The Best Mortgage Offers

We live in a day and age where price-comparison is easier than ever, so there is no excuse for not getting yourself the best mortgage deal you can. The thing most first time buyers are totally overwhelmed by is just how much the rates can differ from one mortgage company to the next, and that is why you should do all the shopping around you can. However, even if you look at four different options, try and hold off before going straight in with the lowest of the lot. That is because there are other variables you should look at exploring too, such as the different loan options and the different rates they offer and make sure you get yourself as many options to choose from, not just three or four. It may not seem like much now, but by holding out and finding a firm that can offer you even just half a percentage point could see you save thousands and thousands – tens of thousands – of the duration of your agreement.


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Don’t Fall Prey To Inspection-Hypnosis

This can be so easy to do. It is a little bit like when you are driving along a highway and you suddenly think, “damn, how did I get here? I don’t remember concentrating on the road for like fifteen minutes!” Well, the same can happen during an inspection. Don’t let it. A great way to do this is to have some pre-planned questions ready and a notebook that you can jot down everything the inspector says to you as you glide around the house you are potentially going to put an offer in for. Don’t stop there, though. Make sure you get taken into every room and make sure you ask a question about everything that makes your gut twinge a little bit. So, if you see an old water heater that you aren’t sure about, then ask about it. It’s far better to do that than to be left with a hot water system that is totally unusable and mega-expensive to replace. We’re not saying you wouldn’t have put in an offer had you known this, but you could have used it in the bartering process and got a bit knocked off. That is why you should always inspect a home with your own eyes and not just let the inspector show you around.


Bring A Fresh Pair Of Eyes Along

You are only human and that means your emotions can hold a great deal of sway over your thoughts, feelings and, yes, your logic too. That means once you have fallen in love with a home (which could just be because they did a great job with the curb appeal) you become a little bit beauty-blinded and start overlooking things that are perhaps not quite right or even straight up terrible. Making a purchase while being a little bit blinded by your interest in a place can be one of the most costly mistakes you make, and the kind of decision that leaves your home lingering with regret. So, in order to escape this, make sure you bring along a friend or family member – someone who isn’t involved in the purchase – so that they can hold the candle of logic up and see your property for what it is. This is a great way to have potential problems pointed out to you.


Insurance Is Another Thing You Shop Around For

Owning a home comes with so many added costs, and one of the bigger ones is homeowners insurance. That’s why it can really pay off to do some price comparison and get the best you can find. However, it is worth knowing that getting a good insurance policy isn’t just about going with the cheapest option you can find. Instead, look at what discounts are offered when you bundle your policies, such as your home and your motor insurance policies. It is also worth remembering that your home is the biggest investment you will ever make in your whole entire life, and that is why you need to get an insurance policy that will serve your needs and protect your investment. So, instead of just looking at price, have a look at exactly what is covered in a policy. After all, we all prefer good value over cheap, something you’ll be glad of should you ever feel the need to file a claim.

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Offer Other Home-Moving Friends A Hand

For the years leading up to your first home purchase, lend a hand to anyone that is moving house. Let’s say you manage to help 12 different people over the course of two years, whether it be packing boxes, loading vans or offering them a place to store some bits. By doing this, you’ll have plenty of people that will be willing to return the favour when your turn comes and that will see you get your move done in record time and for a lot less money too. Even if just half the people you helped lend you a hand you’ll still be rocking a rolling. Just make sure you call in these favours one at a time so that you don’t have everyone turning up at once and leaving you in the you-know-what for the rest of the process.