Tag Archives: first-time buyers

Want To Buy Your First House? Try These Tips

Want To Buy Your First House? Try These Tips

Image Credit: PIRO4D from Pixabay.

You might have dreamt about buying your first home for quite some time. Most of these dreams revolve around how the house would look and how you’ll decorate it. When it comes to reality, there’s a lot more involved in the process.

Naturally, being able to afford the property will be the largest obstacle to owning it. That’s why it can take people quite some time to save up for a mortgage. If you’re in this position, you might worry about whether or not you’ll ever own a home. You might have heard a few tips and tricks to help with this.

As useful as those can be, some could be much more suited to you than others. Knowing what your home buying costs could be will be one of the more recommended.

How To Afford Your First House

Know How Much Your Mortgage Will Be

When you’re buying a home, you’ll know how much you’ll be able to spend. You may have already spoken to a financial institution to get preapproval on a mortgage. You’ll need to read the fine print with these, especially when it comes to interest rates.

Simply because you’ve borrowed a certain amount, doesn’t mean that that’s how much you’ll pay back. You’ll end up paying significantly more, especially if your mortgage is quite long. Calculate this before buying to make sure you can afford it.

You can also use multiple tools to find the best mortgage for you, such as Mortgage Quote. That’ll help you find options with lower interest rates, which means fewer repayments over time.

Figure Out How Much To Offer

Home sellers will want to make as much profit as possible during the process. You’ll want to spend as little as possible on the property. That means some negotiation will be needed. Knowing how much to offer will be a part of this.

Researching average property prices in your area will help with this. When you make the offer, be realistic, but aim to keep it low.

Don’t Forget Moving Costs

Once you’ve bought your first home, you’ll need to move in. That’ll have a few costs associated with it that you mightn’t have thought of. As you would’ve spent a significant amount on the house itself, money could be relatively tight. That could rule out hiring professional movers, leaving you to do it yourself.

If you want to avoid this, factor your moving costs into your budget. Moving will be relatively affordable, so you shouldn’t need to spend too much. To reduce the costs further, you should do the actual packing and unpacking yourself.

Wrapping Up

If you’re planning on buying your first home, then you’ll need to get your finances in order. Saving up for a deposit and a mortgage could take a significant amount of time. It could also be quicker than you’d think. To determine this, you’ll need to have an idea of what your home buying costs will be.

Keeping all of the above in mind should make sure that you have a rough estimate of what you’ll expect to pay. Using this to develop and adjust a budget will help you save up much better than you otherwise could have.

Tia, and TipsfromTia.com  is trying to keep you looking good and
feeling good, from the inside out. If you’ve got a problem or a tip email me! Be sure to Like and share on Facebook or Follow on Twitter or Instagram.

Want To Buy Property With No Deposit – Read On

Want To Buy Property With No Deposit – Read On


There is no doubt that buying a home is one of the most vital decisions in the life of a person. It is perhaps a one-time investment and therefore quite a few things must  be considered and put in place. Though many of us might manage to buy the first property, we may find things a bit difficult when we plan to buy the second one. This is because you may not have enough cash deposit available with you. You may have come across information that buying a second property without deposit is not possible. This is not actually true. Hence if you are looking for the right answer to the question, how to buy a property with no deposit then it is quite likely that you will find quite a few things interesting over the next few lines.


Your Home Could Help You


If you have a home of your own and if you have been its owner for a few  years, you have a good chance to buy a second property without deposit. This is because you could have built some decent equity over the years and this can be useful when you are planning to buy a second property.  You can get a line of credit against your first home and the same can be used to fund the deposit amount  for your second property. When a line of credit is set against your existing property, you can borrow against the equity of your existing home. You only have to pay interest on the amount you draw. This is called leveraging and is considered a nice way to find your deposit for your second property.


How Does This Help


The concept of leveraging is quite simple. The equity of your home is nothing but the current value of the property and the balance that remains against your mortgage. Hence you could make use of this difference and borrow money to meet your deposit expenses for your second property. As a borrower you can access almost 80% of the equity which your property has been able to accumulate over the years. This certainly is no small amount and in most cases it can help you to fund the deposit money required for your second home.


Why Is It Beneficial


There are quite a few benefits as far as this form of financing your deposit is concerned. Since you will be leveraging your equity against your first property, you will not be burdened with huge interest costs. You will only have to pay interest for the borrowing you actually make. In most cases, the deposit cost will never exceed 50 to 60% of your equity as far as the first property is concerned. If you look around, do some research and then move forward you will be able to find out a number of options by which you can raise deposit for your second home. It is a new concept but it certainly is gaining in popularity and making many homeowners to aspire for a second property.

Tia, and TipsfromTia.com  is trying to keep you looking good and
feeling good, from the inside out. If you’ve got a problem or a tip email me! Be sure to Like and share on Facebook or Follow on Twitter or Instagram.