| Property is the single most expensive purchase | | | | So you've done your research and you found an |
| you will ever make. The process of buying your | | | | agent who helped you find the home of your |
| first property, whether it is a bachelor's flat, | | | | dreams. It is time to make an offer: Use your |
| apartment of family home, can be one of the | | | | research to determine if you have yourself a |
| most daunting but also the most rewarding | | | | good deal and should you think that the asking |
| experience of you life. Remember that there are | | | | price is to high, be prepared to defend it with |
| a lot of experts out there waiting to assist you in | | | | your research. This is a crucial part of the home |
| the crucial steps of buying your first property. | | | | buying process and you shouldn't let anyone push |
| 1. Calculate Your Budget | | | | you into making a decision. |
| The first step to buying a home is to find out | | | | 6. Negotiate the Best Price |
| how much home you can afford. Review your | | | | A seller can respond in different ways to your |
| monthly income, expenses and savings. Always | | | | offer. He/She can accept your offer, counter bid |
| remember that as a first time buyer you would | | | | or go back to the asking price. Don't give in to |
| need a substantial amount of cash in hand to | | | | easy and if it seems to good to be true, you |
| settle closing costs and deposit. Your budget | | | | must trust that the inspection will show you the |
| should also leave room for insurance as well as | | | | hidden problems. Once you've agreed on a price it |
| other sudden expenses like an increase in interest | | | | is time to sign the contract. You might have to |
| rates. | | | | put down a deposit - in which case you must |
| 2. Get Pre-Approved | | | | make sure the contract states that you can get |
| Having a pre-approved loan basically means your | | | | the money back when you withdraw your offer. |
| credit files have been reviewed and the loan | | | | 7. Get an Inspection |
| officers believes you can readily qualify for a | | | | Let you agent recommend a trustworthy |
| given loan amount with one or more mortgage | | | | inspector. If there are any repairs to be made, |
| providers. A letter will be given to you showing | | | | remember to get the inspector in again once the |
| your borrowing power, which can be used to | | | | amendments have been made. Don't try to cut |
| show agents or sellers that you are a serious | | | | corners on this step - it might be very costly. |
| buyer. Getting your loan pre-approved can save | | | | 8. Close the Deal |
| you a lot of time and is worth the effort. | | | | This is the most exciting part of the process is |
| 3. Do Research | | | | probably when the key to the house gets handed |
| Once you have chosen an area that seems right | | | | to you. Lots of paperwork needs to be done but |
| for you, you can start doing the necessary | | | | your agent will guide your through the process. |
| research. Find out what the average houses price | | | | Have a bottle of champagne ready! |
| is in the area and what the sales activity has been | | | | 9. Move In |
| like for the last year. Make sure you can identify | | | | You are now ready to move into your first home. |
| with the community in the area. It is better to go | | | | Get a trustworthy moving company and make |
| see the area in person, for you might miss crucial | | | | sure to do the necessary cleaning before the |
| information should you do research on the | | | | moving truck arrives. Thorough planning will make |
| Internet. Also be sure to view the property during | | | | this an easy and exciting day. |
| the day and the night and ask around the | | | | 10. Manage your Investment |
| neighborhood about crime levels. | | | | Your house is your investment and you need to |
| 4. Find an Agent | | | | guard it with your live. You would be wise to get |
| There is no shortage when it comes to estate | | | | fire, theft and liability insurance. It is wise to |
| agents in most parts of the world. The more | | | | upgrade your house by putting in a pool or adding |
| popular or sought after an area is, the more | | | | a room, but always make sure you speak to the |
| agents you will find. It is important to find | | | | experts before you make any decisions. |
| someone you trust and who you feel comfortable | | | | Buying your first property is a huge step for any |
| with. The right agent can save you a lot of time | | | | home buyer. Be financially prepared, do thorough |
| and money so be sure to choose wisely. Set up | | | | research and find the best agent in the area, and |
| some interviews with potential agents and find out | | | | this experience might just be the most exciting of |
| about their experience and reputation. | | | | your life. |
| 5. Make an Offer | | | | |