Buying a home can be an overwhelming experience for first time home buyers in Surrey. Since it is the first time, home buyers tend to make mistakes. But the thing about buying a home is that even a small mistake can cost you big bucks. So here are some useful tips for home buyers in Surrey, following which will help them avoid financial disasters.
If you are a first time home buyer, there are a few preliminary things to take care of first. For example, the budget, the location of the property, mortgage etc. First, you need to determine what exactly you want. When you know that, it makes the overall process much smoother and there is less scope for any mistakes.
Make a Checklist Before Looking for a House for Sale in Surrey
Plan the budget first
Determining the budget is the first thing that you should before making any investment. If you know how much you can afford, then it saves you a lot of time. Or else you will go around looking at houses that are way beyond your range. Knowing the budget narrows down your options which causes less confusion while choosing a house in Surrey. If you are getting a mortgage, use a mortgage calculator to determine how much you need to pay monthly. See if you can afford that amount each month.
Think about the down payment
When you buy a house you need to make a down payment. Most make this mistake of paying a small amount. But it is a wrong move to try to save while making the down payment. What you need to understand is that a bigger down payment allows the buyer to get a smaller mortgage. That way, you get to enjoy affordable monthly payments. A proper down payment helps you to secure a monthly payment that will not weigh down on your finances.
Costs for repair and renovation
The home that you buy might need some renovation of repair work. So, while deciding the budget you also need to keep in mind this particular cost factor. It will be best if you get the cost estimate from more than one contractor. That way you have options to choose from. You can get referrals from your real estate agent. They might have some good suggestions for you.
All first time home buyers in Surrey should keep these three points in mind before looking for a house for sale. If you are too confused with the real estate jargon, you can always hire a reliable real estate agent, to help you along the way.