Buying your first home can be overwhelming. Knowing what to research, the type of available professional services that can assist you and establishing some guidelines can eliminate some of the stress from purchasing your first home. Here is a list of suggestions that comprise a practical First Time Home buyers Guide:
First Time Home Buyer Checklist:
Property Values: Real Estate institutes and agencies have a record of median home values recorded over the years. If you are buying the home with investment potential, accessing these statistics can reveal important trends about favorable location choices.
Safety and crime: Research The Neighborhood - Investigating crime statistics can reveal some insight, trends and characteristics about the area. If you are a family raising children then safety is an important consideration. A visit to the local police station to request a list of dispatched calls in the past few months will give you some background information on the history of that area.
Environmental Assessment: Environmental services can provide a written report on any potential unsafe or health risks in the area. This includes interpreting the local laws and practical guidelines on the potential health risks of local drug labs, centers for disease control and industrial waste disposal.
Planned Traffic Adjustments and Roadwork's: The local authorities responsible for this type of planning should be checked to discover if any immediate work is due to commence. Changing traffic routes can substantially devalue a house by turning a quite desired location into a busy zone. This detracts from the property value wise and quality wise.
Mortgage Protection Insurance: This type of protection is an increasing requirement of most loan providers. Insulating yourself from economic uncertainty is a prudent move. It is worthwhile to consider the options for peace of mind and economic safety.
Local Amenities: Access to local transport, schooling and the shopping district adds to locations attractiveness. Determining your priorities can help you narrow down your property selection process.
Financing: Know your borrowing capacity and the types of mortgages. Investigate the alternatives. Selecting the right loan structure can save you a lot of money over the life cycle of the mortgage.
Buyers Agent: Secure the services of a professional. If you don't have time or want to leverage expertise, a buyer's agent can offer numerous advantages for prospecting and negotiating purchase. This can be valuable source of advice for the first time home buyer.
Home Inspection Service: Structural integrity and maintenance represent hidden costs of home purchase. Get suitably qualified advice right from the get go. Doing so can help you avoid costly out of pocket expenses for overlooked structural defects.