Buying a home for the first time can be an overwhelming process, especially if you are going into it alone or without a partner. There are many beautiful homes on the market at a range of prices and with it being a buyers' market the field is ripe for the pickings but how do you decide on the property that is right for you and where to begin?
For the first time buyer one of the main questions to consider is: How do you know when to buy? When is the market good for buying property? Timing the market can be tricky. If you are living at home, not paying rent and just waiting to leave the nest, timing is not as crucial for you so save your money and buy at a time when there are more opportunities and the market is favourable. Timing the market is risky, and you can never be sure.
Put yourself first. Your personal needs are of the utmost importance when it comes to buying a property. This is as simple as it sounds. Ask yourself:
Don’t buy the first property you come across. This is especially crucial for first time buyers. Even if it looks like your dream home, don’t rush to pay the deposit on it before consulting someone with more experience. If you are someone who is aware of the property market and property values or if you have done your homework and have good market knowledge, then you might be able to make an educated decision as to whether or not it’s a good deal. But if not, always get a second opinion.
Check out the market. Most people need approximately three months of looking through the market before they are ready to make a purchase. So consult your local real estate agents, go on property viewings, and be sure to ask lots of questions. We always advise looking around the market. If someone makes an offer to you, discuss it with your trusted mentors, friends and confidantes, persons with business acumen who can advise you on whether that particular property at that price is a sound investment to make or not.
Do your research. Don’t just look around the market, pay careful attention to it, ask lots of questions and compile all the necessary information about what is going on in the market that will be valuable to you when it comes to making your decision. Property prices now are mostly where they were 6 years ago or even longer and there are tremendous opportunities and great deals available now. If you have the money now is your time to buy. Buy now and when the economy does improve, you’ll be sitting pretty.
Consider the benefits of owning your own home: Buying property is a pivotal part of wealth creation. Think about it, what do we notice about the rich and famous? Their cars, the number of businesses they own, their house. The number of properties you own says something about your wealth and success – it says you own assets that are valuable. Owning property makes you a low risk client for anyone to lend money to. Owning a home not only satisfies your basic human need for shelter but it also puts you on one of the most important steps on the ladder towards creating wealth. A house is not just a house, it is an asset that you can borrow money against in the future or an inheritance you can leave for your children.
