Being smart about buying your first home is crucial. The property ladder has become increasingly slippery. Consequently, future homeowners can’t approach the market without being adequately prepared to select and negotiate your new home in the best possible way.
More than a lifetime investment, buying your first home is a strategic move, similar to a game of chess. When your finances is a game that you play day after day, it’s easy to see how one wrong move could spell disaster. Financial strategy, however, can be tricky to master.
When the life of a tenant doesn’t require a lot of money planning – costs are predefined by your contract, and you’re not responsible for any maintenance task and expenses, Many aspiring homeowners clash with the financial preparations ahead of the purchase of a property. More often than not, understanding specifically what your strategic mindset needs to look forward to can unlock the key to a mindful money plan.
Know what you’re buying exactly
Buying a home is a long-term investment, and consequently, it’s not the kind of things you can commit to lightly. You need to make sure you know what you’re signing up for. Nobody wants to buy what they think is a dream house to discover soon after moving in that it is in dire need of repair work! So always put your mind first when it comes to making decisions
Don’t buy the first house you fall in love with, buy the home you’ve visited and reviewed carefully to ensure it’s reliable. Ultimately, you want these houses to be the same. The core principle of a house hunt is to view it more than once Preferably at different times of the day to tackle potential risks such as rush hour noises and parking spaces in the street.
Find the best way to finance it
Saving ahead of your down payment isn’t enough when it comes to buying your first home. Your mortgage loan is a crucial decision and the most significant obstacle on your path to homeownership. It’s not uncommon for young adults to have developed unhealthy financial habits as a result of a lifetime of not needing to plan for significant purchases
Your down payment won’t appear out of thin air
Last, but not least, there’s no denying that you need to start early to secure your deposit on a property. The best way to keep your savings safe is not under the mattress. You need dedicated saving accounts that can work for you while saving your money in one place. High-interest saving accounts are a great solution, but you can also try GIC if you’re in no rush to purchase