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The Mortgage House checklist for buying your first home

April 22, 2016

The Mortgage House checklist for buying your first home

(Homes to Love; Click HERE for Full Article) Buying a home is kind of a big deal. But just because it’s a big deal doesn’t mean it’s all doom and gloom — in fact it’s probably easier than you think!

For many people, buying a home is the single most exciting purchase of their lives. But even though it’s a big decision, buying a home is better done sooner rather than later.

Rates, fees and charges are always steadily increasing when it comes to property. However, with things like fixed rate mortgages and other negotiable arrangements, you can avoid bearing the brunt of those fluctuations. The sooner you get started, the lower your locked-in fees will be.

Here's a checklist to get you started:

1. Work out your finances ahead of time

Before you can really sink your teeth in and start looking for the home of your dreams, you have to organise your budget.

How much money can you put towards paying off a mortgage? How can you save or make more money in the first place? If you have pre-existing debt, how might you go about tackling it? What kind of mortgage is going to be right for you?

Sorting all this out might mean meeting up with your accountant. Mortgage House has a few tools that you'll find helpful for early financial planning as well.

2. Ask yourself, “What will my home give me?”

Before you make the biggest purchase of your life, you need to have a firm grasp on your own answer to this question. Do you want a modern sanctuary, or a renovators delight? Will this home be your only home, or will it be the first of many? How exactly does this purchase fit into the bigger picture of your life?

3. Find your home

This is where all the magic is. This is WHY you're going to put so much energy into organising your finances, learning about mortgages and working with real estate agents. When all is said and done, your home is the reward you get for years of dedication.

This decision is so personal it's hard to give one-size-fits-all advice, but our biggest suggestion is that you keep your standards sky high.

Don't get emotionally attached to a home before you've done the necessary checks—be sure that it's to your personal liking and financially viable.

4. Be prepared for “buyer's remorse”

On your first night in your new home, you might feel a little underwhelmed. Many people report noticing lots of negative things they never noticed before about their home during their first night.

This is perfectly normal. A new location can't truly feel like “home” until some time has passed and the place has become familiar to you.

Hopefully now, if you experience this, you'll be able to tell yourself the truth: That it's perfectly natural to feel this way and that the feeling won't last.

5. Consider the costs of maintenance

A home is like a child—it’s one of the most rewarding things you can bring into your life, but it also needs maintenance and attention to thrive.

Be sure to factor the cost of maintaining your home into your budget. It might do wonders to ask a home owner you already know about maintenance costs. We're willing to bet they'll tell you a few things you never thought about before.

But if you don't actually know any home owners, you can always speak to one of our home lending specialists for advice.

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