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.