4 Non-Negotiables When Buying Your First Home

The homebuying process can be long and tedious, but it is also a very exciting time in your life, especially if you’re buying your first home. Since you’ll be investing a lot of money in this purchase, it’s very important to make sure that every detail is done properly, including these four non-negotiables:

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A Mortgage Pre-Approval

You will be putting a lot of money towards your first home that your savings might not be enough. Good thing, you can always apply for financing that will allow you to raise the money needed for the purchase. To make sure that you’ll have enough, you should get a mortgage pre-approval, which is essentially your lender’s commitment to lend you a specific amount of money at an interest rate. Getting a pre-approval will give you an idea of how much money you can get from your lender and its corresponding interest rate, so you can plan your repayments strategically.

A Real Estate Agent

A lot of people may tell you that you do not need to hire a real estate agent, but doing so can actually make a world of difference in your home-buying process. The truth is, buying a home is really stressful because you’re not only looking for possible home options, but you’ll also need to consider a lot of things, including legal documents, funding options, and home inspections, all of which can get overwhelming for you as a first-time home buyer. But if you’re working with a real estate agent, you can take the stress out of the process and just enjoy this new chapter of your life.

A Home Inspection

Once you already have your eye on a property, make sure that it goes through a home inspection before you finalise the deal. The truth is, a home can look perfect on the outside but not so much when you really look into the details. This is why a home inspection should be non-negotiable because it gives you the opportunity to see the real value of a property and if it’s worth your investment. A professional will assess the property and identify any problems that need to be addressed and those that can affect the value of the home. With a complete home inspection, you will be more confident to get into your investment knowing that you are getting your money’s worth.

Property Insurance

Of course, you do not stop protecting your investment after you make the purchase. In fact, you should find ways to make sure that whatever happens, your property will be secured. One of the best ways to do this is by getting investment property insurance that will give you that peace of mind knowing that your property—and finances—are secured during unpredictable circumstances. 

Now that you know your non-negotiables, make sure that you keep them in mind as you go through the property buying process. This will help you enjoy the best experience while making your first big investment.