First Time Home Buyers Beginner’s Checklist
First Time Home Buyers Beginner’s Checklist
If you are thinking about getting your foot on the property ladder, then there are a few essentials to think about before deciding whether or not you have the funds to make that final purchase.
Buying a home is expensive. Obviously the biggest expensive is the property itself, but – as buyers quickly learn – there are lots of additional costs that are easy to forget about.
Although you will typically take out a mortgage to pay for your property, most banks or lenders – particularly posts the subprime mortgage disaster – will require a deposit. A deposit typically ranges from between 10 and 30 percent, depending on the economic climate, your monthly salary and the amount you are putting down as a deposit.
Getting a down payment can be quite tricky and many people typically turn to family members or love ones for help. For example a property valued at $100,000 could require a deposit of up to $3,000 with an FHA loan, for a first time buyer typically mid to late twenties it an Obama’s Economy could be quite difficult to find as income are typically average, and many have racked up some kind of debt from student loans or other costs such as a car.
Home insurance or home contents insurance is another cost to consider. All mortgage lenders will insist that you take out a home insurance policy on your new property.
Expect to find other costs in the way of estate agent’s fees if you are selling fees. If the property is old, you may require hire a certify home inpector to come take a look at it and give you an estimation of the costs involved to get it up to shape.
They will charge a fee, however may be willing to negotiate a little if it looks like you will be hiring their services in the future.
Jennifer Adams writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.
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Posted by HUD Baltimore Homes on April 15, 2011. Filed under First Time Home Buyers.
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