Tips for First Time Home Buyers

Are you a first time property investor or home buyer? Getting into the property market is exciting. You’re going to have your own piece of property that you can live on or use as an investment property. The great thing about real estate is the fact that it is a smart investment. Unlike rent, you’re actually paying yourself because your investment’s worth will typically grow exponentially by the time the property is paid off. If you’re a first time home buyer, you’ll want to be very careful about making the right investment.

Here are some helpful property investment tips for first time home buyers:

  • Take a course. Many business learning program’s offer a buyers course to help you prepare for the road ahead. Take as many courses and read as many free e-books and pamphlets as you can. Knowledge is power.
  • Work on looking good on paper for several months ahead of time. You don’t want any surprises when you believe you’re all ready to buy, only to find out that an old debt or error on your credit report is going to prevent you from being approved for a mortgage.
  • Get pre-approved. By getting pre-approved for a mortgage before you start house hunting, you’ll know precisely what you can spend and this will help you gain leverage with home sellers because an offer from a pre-approved buyer tends to have more negotiating power, especially for motivated sellers.
  • Learn about first time home buyer benefits and grants  where you live. There may be programs that can help you save money, qualify for rebates, or be able to buy a home with a smaller down payment.  In Australia, for instance, there is the first time home buyer grant.
  • Put away six months worth of mortgage payments. A little safety net will help you look good with your lender and give you peace of mind when moving into your new home.

There are a lot of things to consider when buying your first piece of property. You should carefully consider all your options and become as informed about the process as possible. Taking time to learn real estate and investing strategies could help you save thousands on interest and help you get more home for your dollar.

Share

2 Responses to “Tips for First Time Home Buyers”

Read below or add a comment...

  1. Lizzy says:

    Hi Richard,

    I would say that you have given some very sound advice here. From my own experience I wish that we had taken more time before buying but we were in a hurry to get the $21k grant that was available at the time. If we had waited longer and saved harder we would have been better off in the long run. A lesson learned!

    We hope to become property investors in the future so will watch your blog with interest,

    Thanks,

    Lizzy

  2. Rita Pepper says:

    Hi Richard,
    Some very sound advice there, and although I was a partner in some investment real estate it didn’t work for me, because of a series of BAD tenants.
    The Real Estate Agent was supposed to be looking after the property but didn’t, we were not told the tenants were behind in rent and the place had been trashed, caused big problems for us so we sold up.
    Rita

Leave A Comment...

*