FIRST TIME HOME BUYER TIPS

FIRST TIME HOME BUYER TIPS

Real estate is one of the most profitable, historic, and sustainable investment platforms of all time worldwide. And like every other business domain, success requires a proper understanding of the basic concepts, early planning, and great discipline.

Interest in the real estate market is on the rise with many not only thinking it’s a sign of adulthood and financial responsibility but also looking to join for the financial benefits. That said, buying your first home is a big deal and shouldn’t be done in a rush.

Moreover, purchasing a villa, condo or any real estate in a lucrative market like Thailand’s may be even trickier for a foreigner. That’s why you may want to take a close look at the following first-time home buying tips to help set you on a path to success.

Check Your Financial Situation

After deciding the time is right for you to go down the road of homeownership, you must look at checking and working on your financial readiness. Yes, you may have dozens of reasons to buy your first home, from the desire to settle down long-term to the appeal of low mortgage rates. But first, you must pull out your credit report and score to see where you stand like 12 months out. 

During this check, identify and sort out any past due accounts or errors that might have gone to collections. Such liabilities may be problematic later if you need a home loan to assist with your purchase. In case you find an issue, contact the creditor and try to get it solved. Your credit score may not be as key in securing a mortgage loan in Thailand because it requires that you are a citizen, an owner of Thai limited company, or have certain marital benefits.

However, it would generally feel good to have a financially sound record and zero debts before moving for your first home purchase. There are many free credit monitoring services like credit karma and TransUnion which can help pull out your credit report.

Reading more: First Time Home Buyer Coupon Code

Set a Budget and Stick to It

Before you ever dive into the market, it’s always very important to iron out questions like the most you can afford, and the perfect price bracket for you.

Take a look at your finances with some professional support from maybe your bank to get a better view of what will be an ideal range for you. With this budget in mind, you can survey the market so that you have a clearer idea about the kind of options within your price bracket.

During your calculations, make sure you factor in the total cost of the home including legal fees, maintenance, and closing costs. Don’t find it difficult to walk away from a house you love if it doesn’t fall within your set budget. You can fien

Start Saving Early for Your Down Payments and Closing Costs

You can be sure that becoming a homeowner especially in a foreign country isn’t cheap. Maintenance and upkeep are just some of your responsibilities and saving early for the down payments and closing costs will better prepare you for the process. Homeowning expenses can add up really fast, thus, making it advisable to be debt free and in possession of an emergency fund before you go out to make your first home purchase.

A weekly or monthly savings plan may require that you cut your expenditure on clothing, travel and other luxuries but will definitely take you towards the figure you need to make that first dream real estate buy.

Hire an Expert Property Agent with Experience in the Market and Area

The realtor you choose to hire may be a make or break point in your home buying experience. Remember you are looking to buy property in a foreign country and definitely need the best local assistance. The agent from properties away, will be familiar with the market and geographical area in addition to being able to communicate in Thai. He/she will be by your side from the beginning until the closing and even beyond saving you valuable time in selecting and showing you the available property within your price range and needs.

After hiring an expert property agent, you need to hire a home inspector. You don’t have any Idea about the condition of the house nether you can rely on the agent. The best way to check the current condition of the house is to hire someone who has all the knowledge and expertise in it. Hire Home inspection North York for home and mold inspection and they will tell you about every single inch of the property that you are going to buy.