Ten Tips (in 5 days) for First Time Buyers - Day 1

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Real Estate Agent with RE/MAX Associates RS - 0019092

Are you like most Indians? If so, chances are that you have never bought a home before, i.e., you are a first time buyer. Buying a home is going to be the biggest investment that you will make in your life. No wonder this process is financially and emotionally draining. These tips will help you during your home buying experience.

1. Don't budge from your budget

There is too much choice in the real estate market in Delaware – you must understand what is your budget so that you can narrow your search into a manageable process. Otherwise, your real estate broker will spin you around. Give the broker your budget and tell them that its not movable.  There are properties of all types available in New Castle County today.

The budget is not just the cost of the property – it must include numerous non-obvious costs such as broker fees, lawyers fees, stamp duty, registration fees and home insurance premium. All these payments will come out of your pocket.

If you are buying a new home, you will also need furniture, fittings and gadgets for the home. Alternatively, if you are getting an old home, there might be renovation or redecoration costs involved. In either case, these are upfront costs that many people ignore during the home buying process but should be factored in.

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2. Affordability – "I have a great home, but no money to eat"

There is no point in searching for the house of your dreams if you cannot afford to live there - you must also think about whether you have enough cash flow to support your lifestyle, after you have paid for the property.

Do not stretch yourself and take a personal loan to fund the down payment towards the property. This will only increase your risk exposure. Rather, you should ensure that you can naturally afford the down payment through your savings.

Additionally, don't stretch your budget to get a more expensive home because that will mean stretching your PMI payments. Remember to keep your PMI manageable so that you can continue to afford the lifestyle that you are accustomed to and to pay other bills that you will incur.

 

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Christopher Pataki

Hockessin Delaware Real Estate
What is Your Home Worth?
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