Deciding on the Right Time to Buy Your First Home

All About Right Time to Buy Your First Home

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Is it Right Time to Buy Your First Home? Dialabank offers a ‘fact checklist’ to help first-time home buyers know if they are ready to hunt for their dream home, built to help you determine if it is the right time to purchase your first home.

How do you know if you’re prepared?

If you still live at home or have rented a home for a long time, it takes planning, research, money, and a little faith to make the leap on the property ladder. First, you need to meet with a Home Loan Specialist to help you decide when you are ready for this enormous commitment.

After the research has been completed

Not doing enough homework is one of the biggest mistakes a borrower makes when buying a home. You should not be afraid of asking bankers and real estate agents questions. You should ask them, ‘Before I buy a house, what else do I need to know?’ ‘You’ve covered everything you need before you feel secure.

If you don’t want to rent or live at home anymore?

Many individuals are happy to continue to rent, but there might be a time when they want to get off the rental roundabout and need more protection that can come from owning your house.

When would you like to purchase a property as an investment?

You may be able to keep renting, but you still want to get into the market for land. If you can afford to do so, it might be one way to get into the real estate business and invest in the future. If you are eligible for a first home buyer grant, you can carefully include the eligibility requirements. Before purchasing a home, make sure you talk to a tax expert because there are certain tax consequences you would need to remember when buying a house.

When will you get the money?

It sounds like something obvious to say, but you need to be able to afford EMIs. When they approve your loan application, various lenders check for various items. One of the items they generally look for is a credit history to ensure that your home loan repayments can be made. If you’ve studied the property market. Knowing the local property market takes a bit of practice. That’s why it’s important to get advice from the property agent and do thorough research.

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