Are you Going to Buy your First Home? We Give you Some Tips! - Financing Panda: Latest News on Finance, Loan, Business


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Thursday, January 3, 2019

Are you Going to Buy your First Home? We Give you Some Tips!

If you are thinking of buying a house in washington dc for the first time, we will guide you with some valuable tips that will help in this process. Buying a home is a very important decision in a person's life and should be weighed and studied with time.

Before venturing into the search for home, you should take into account several factors that will determine success in finding and choosing the ideal home.

Choose the Location where you want to Live

The first thing you should do before you start researching real estate or contacting an agency is to define what you really want. Location is one of the most important choices when buying a home, so do not rush into the decision, consider every aspect of your life that will be influenced by this choice. You will have to calculate the expenses you will have in traveling and see what services are available nearby, such as supermarkets, public transport or schools. Location is one of the most influential aspects of the price of real estate, and the value of IMI, so it is important that you do all the accounting to realize the best deal for your situation.

Define the Maximum Investment

Before moving on to the search for your home, you have to realize how much you can actually spend. If you own equity, until what value can you invest? If you need financing consult various banking institutions, do several loan simulations, and know the maximum amount of financing you can get and the institution with the most favorable conditions for mortgage loans. Look very closely at interest rates and APR. If you have doubts about which interest rate to choose, see our article on fixed or variable rates. If you have other bank loans, be sure to include them in these accounts, it is recommended that the loan amount does not exceed 30% of your monthly household budget. It is important to start this process before buying a home because the maximum amount you can invest will indicate which property you should look for. Under the new housing credit rules, you will only get financing of a maximum of 90% of the value of the property, so you should be prepared for this situation.

Additional Read: Cleared All Doubts for Home Loan Today!

Choose the Characteristics of the Property

Another fundamental factor is to choose the typology of the property according to your needs. Do not just think about the present need, but have a future vision. Are you thinking about raising your family in the next few years? How many rooms will you need? Is the size of the divisions important to you? Do you need a garage or a garden? These are some of the issues you need to think about before looking for home. Buying a home is a great investment, and if you turn to credit, it will take several years to complete the house payment, so all these decisions have to be thought of in the long run.

Buy New or Used

If you choose to move to a new property, take a closer look at its construction and the quality of the materials used. In case you are thinking about buying a used property, the attention should be increased, the state of conservation of the property is fundamental to realize what expenses you may have. Try to check for possible infiltration, moisture or other necessary repairs. Other important issues in a used property are whether or not the furniture is included in the purchase. In case the house is furnished, think about how much it would cost to furnish it and ask the owner what the price of the property is without the furniture. Try to see if you can buy other furniture according to your style.

Other Costs Associated with Home Purchase

In the end you can not forget that this process has other costs beyond the value of the property. You will have to account for all costs with deed, IMT and Stamp duty, registrations, among others.

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