Five Most Commonly Asked Questions About Buying A New Home

If this is your first time stepping into the property market, you are going to have a lot of questions. Here are the most commonly asked.

When Should I Start Saving For A New Home?

Start saving as soon as possible if you are thinking about moving house. Remember that there are many ancillary costs involved with moving and the expenses will not end after you have moved in. 

How Do I Improve My Credit Score?

Keep making your loan repayments on the scheduled dates. Visit the government website to see how you can check your credit score and credit report. Stay in your current employment to show stability. Avoid making any large purchases or taking out any additional loans. Wait until after your loan application has been approved before making any large deposits into your account as this will look like you need help to pass the check. Ask your boss for a reference.

Is Buying Better Than Renting?

Remember that buying a home is an investment that is likely to improve in value over time. Look at the national appreciation values and the market history in your area to see what kind of appreciation you are looking at. Find out what kind of tax benefits you will be eligible for as a homeowner and remember that renters will not have them. Think about the independence you will enjoy as a homeowner, and that there are major issues with renting such as bad landlords and a lack of control.

What Support Could I Be Eligible For?

Look at your budget and see if you can afford a down payment on your home loan. Apply for a Federal Housing Administration loan if you know you are going to struggle. Research what VA home loans you could apply for if you are a military veteran, if you are on active duty, or if you are the spouse of a veteran. Consider applying for state or national grants if you are a teacher or otherwise employed by the government.

How Do I Know If I’m Getting A Good Deal?

Keep updated with the latest housing market news to see if you are buying at a bad time. Research the area that you are buying in to see if there is anything the agent is hiding from you. Compare similar properties in other areas to see if you are being overcharged. Commission an independent contractor to examine the house for any issues. Talk to your friends who have recently bought a house about mistakes they made. 

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