Consider the following points:
o You would like your children to grow up in a quiet peaceful place which they can call their own home
o You are tired of shifting from place to place and deal with landlords all the time
o A sizeable chunk of your earnings goes as rent and enriches the pockets of other people who are getting returns on their own property investments.
o You want your own place, a space that reflects your taste and personality
o You want to invest money in something that will appreciate over the years
If this is something that strikes a chord in your heart, something that you often feel, you might want to purchase your own home. For that you need to enter the real estate market. However it is an expensive investment to make, so you should exercise caution. Here are some tips you can follow and you will own your own home and benefit over the years to come.
Do your homework well
o Be very sure what you want. Property is expensive and you need to pay huge installments every month. Be prepared for that. Of course there are hidden costs like moving expense, daily commute to your place of work and cost of refurnishing and repairs
o Find a good real estate agent. There are so many in the market and you need to find one you can work with and who is really good. A realtor who is pro-active and can help not only find the best real estate for you, and also help you negotiate the shifting and repairs would be a big help. Most real estate agents have contacts that can make your move easy. Moreover his expertise in closing the deal can be handy once you have made your selection
o Start talking to banks for your mortgage. Do not be scared if you have a bad credit score. You can start repairing it immediately.
o Build a tidy down payment. The bigger the down payment, the smaller the mortgage. Plus you save on interest rates too. Remember you need every single penny, since you need to purchase your home, furnish it and repair it.
o Get a financial advisor. Discuss bank rates, interest options etc. Be prepared to learn all that you can about making your dollar last longer.
o Select your home very carefully. Check if it needs repairs, and how much you may have to pay to get it in order after buying it. Ask yourself if it will be suited for your needs in five years. Generally homes in which you could add rooms is the best option. Check the zoning laws. If you run your office from home, are there laws forbidding it?
o Do not be over confident about your ability to repair and improve your home. Many times we think we can do a lot, but ultimately have to call in experts who are expensive.